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Apple Set to Unveil iPhone 5 on Oct. 4, Sources Say

Apple CEO Tim Cook

Apple CEO Tim Cook has big shoes to fill.AP Photo/Mark Lennihan

Apple was expected to hold its next big media event on Oct. 4, where the tech giant was set to unveil the next iteration of its popular iPhone, AllThingsDigital reported Wednesday, citing sources close to the situation.

Although Apple could change its plans at any time, sources said the date was selected by the Cupertino, Calif.-based company to showcase the iPhone 5.

Apple's plan was to make the new device available for purchase within a few weeks after the announcement, sources added.

While the iPhone 5 was a highly-anticipated handset, the media event itself has a lot more importance for Apple than many others as it will be newly-installed CEO Tim Cook's first big product introduction.

The reason Cook was set to preside over the rollout was that the launch event will mark the first time the public and investors will be able to get a lengthy impression of Cook as Apple CEO, which could set the tone for his new role, according to sources.

Apple's legendary outgoing CEO and co-founder Steve Jobs has always been closely identified with Apple and its product innovations -- the Mac, the iPod, the iPhone and more recently the iPad. Since his decision to step down was announced in August, many investors expressed fears his departure would change the company.