New iPhone with larger 'retina' display to compete with Samsung Galaxy Nexus on the way, reports say

With the new iPad breaking sales records, the rumor patrol is already on alert on Apple's other widely popular device: the iPhone.

Reuters reports Apple's new iPhone will have a sharper "retina" display and have a much larger 4.6-inch screen. The most current iPhones have a 3.5-inch display.

The new iPhone is set for a is set to be launched around the second quarter, according to a report obtained by Reuters in the South Korea's Maeil Business Newspaper.

A 4.6-inch display would put the iPhone in direct competition with the Samsung Galaxy Nexus , which has a  4.65-inch screen.

According to Reuters, Apple has already placed orders with its suppliers for the 4.6 inch screens.

To read the full report, go to: http://reut.rs/GIKyBN

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