Apple was cautious about managing hopes heading into the WWDC keynote. A week before the keynote, they spelled out precisely what they would talk about (OS X Lion, iOS 5, and iCloud) and also specifically omitted any reference to new hardware.
However, rumors always had it that the next iPhone would be released sometime in September this year.
The production of next-generation iPhone will be started by Apple Inc suppliers in July this year, with the finished product probable to begin shipping in September. Right on schedule, it is now being reported that the iPhone 5 has reached the final testing stage and should be ready well in time for a September launch.