It's no secret that Apple will introduce new and improved iPhone models, and as speculation heats up about whether or not they will be introduced next week at the World Wide Developers Conference talk of custom processors is on the rise, too. If Apple is working on its own iPhone chip designs, however, don't expect to see them show up this summer.

According to Forbes, Apple's purchase of chip designer PA Semi last year has helped the Mac and iPod maker work on its own custom processors to drive future iPhone models faster and with lower power requirements. While those chips will help Apple set the bar for smart phones even higher, they won't be ready in time for the company's highly anticipated iPhone update -- potentially as soon as June 8 when the company kicks off its World Wide Developers Conference in San Francisco.

Since analysts and speculators say Apple's mystery chips aren't going to be ready for the next iPhone, the company is likely to instead rely on Samsung's chips for the handheld's brain.

Apple policy says the company won't comment on rumor or speculation surrounding unannounced products, so there isn't any way to confirm yet that custom iPhone processors are in the works. If they are, however, Apple could push the iPhone well beyond any other current smart phone offerings and stir up market competition even more, which ultimately is a winning situation for consumers.