Chief executive Tim Cook is expected to unveil the iPhone 7, tempting consumers with a improved features such as a dual camera for taking better photos, while other familiar ones could disappear - the headphone jack is expected to become a thing of the past.
The launch comes at a crucial time for the company after experiencing its first ever slowdown in sales and revenue this year. However, rumours of its demise have been greatly exaggerated, according to analysts.
“Despite the numerous stories about Apple peaking or faltering the reality is that the company still continues to be the most successful smartphone company by a country mile when it comes to making money," said CCS Insights' Ben Wood.
“Every iPhone is important for Apple, but the reality is that innovation in smartphones has slowed down across the board. The new iPhone will do well but Apple will struggle to repeat the gravity defying year-on-year growth it has seen in previous years.”
Sales declined nearly 15 per cent year-on-year in the latest quarter to $42.4bn, however, that was ahead of Wall Street expectations.
The launch of a so-called mid-cycle handset, the SE, earlier this year aimed at those wanting to stick with Apple at a lower price point failed to wow hardcore Apple fans with its iPhone 6s capabilities in a smaller body.
The iPhone 7 is the first flagship launch since last year's iPhone 6s which remains the best-selling smartphone in the world according to data released separately today by Kantar and Strategy Analytics.
Counterpoint research analyst Neil Shah said: "All eyes are on the upcoming iPhone 7, even if the upgrades won’t be revolutionary across the board.
"But it should be more than enough to interest the maturing smartphone users around the world who are still using two to three year old devices and looking to upgrade to the latest iPhone, which would be more than 10x improvement in performance and features."
"We will continue to see Apple iPhone 7 keep the crown of the best-selling smartphone in the world over the next twelve months," he added.
Apple's big event, due to kick off at 6pm British time, is also expected to bring news regarding other products including the Apple Watch and MacBook.