Apple (NASDAQ:AAPL) has set a date for the unveiling of its highly anticipated 10th anniversary iPhone. The event is currently scheduled for Sept. 12, according to The Wall Street Journal. Set to take place at Apple's new Steve Jobs Theater, located on the campus of the tech giant's new headquarters, the Journal's sources said the event timing or location could be affected if construction of the new Steve Jobs theater doesn't finish on time.

Apple's product launch event is expected to be a major milestone for the company, featuring a redesigned iPhone and updated Apple Watch and Apple TV devices. Investors have high expectations. Apple stock has risen sharply ahead of the event, up about 9% in the last 30 days.

Here's a close look at what to expect from the event.

Apple CEO Tim Cook speaking onstage at WWDC 2017.

Apple CEO Tim Cook at a product event. Image source: Apple.

iPhone 8

The biggest announcement at Apple's Sept. 12 product launch event will likely be the tech giant's next-generation iPhone. Launching 10 years after the first iPhone, the so-called "iPhone 8" is expected to feature a significant redesign, including an entirely new form factor and an impressive list of new technology.

More specifically, the highly active Apple rumor mill thinks the new iPhone 8 will feature an OLED display that covers the entire front of the device, a virtual home button, wireless charging capabilities, 3D facial recognition, and more.

But will the new iPhone be able to live up to the hype? Will it prove Apple's ability to innovate in a post-Steve Jobs era?

Apple Watch Series 3

Apple's rumored Apple Watch update during the event will be another important area to watch. The 3 Series version of the watch is rumored to include an LTE chip as its major differentiating feature. Sporting an independent LTE connection, the new Apple Watch will be the first version that won't require the iPhone to be nearby for important functions like streaming music, downloading directions, and sending messages.

Having its own LTE connection could prove to be a major catalyst for Apple Watch sales.

A person swimming with an Apple Watch Series 2.

Apple Watch Series 2. Image source: Apple.

Though Apple Watch revenue still pales in comparison to Apple's iPhone, the device's sales have contributed nicely to Apple's "other products" segment. Further, Apple Watch sales increased 50% year over year in Apple's most recent quarter, highlighting how the watch is resonating with consumers.

A new Apple TV

Apple is also expected to unveil a fifth-generation Apple TV at its September event, according to a report last week from Bloomberg's Mark Gurman. The new device, Gurman said, will mark a "renewed focus on the living room" for Apple, featuring 4K streaming capabilities and an emphasis on live news and sports.

Until 2014, Apple largely considered its TV ambitions a hobby. But Apple CEO Tim Cook said this was no longer the case in 2014. The next year, Apple overhauled its Apple TV, bringing it an App Store, a new user interface, a redesigned remote, and Siri. Despite Apple's revamped effort in 2015, sales of the device have lagged competition in the U.S. 

Lagging Apple TV sales reflect the hardware's age. It has been nearly two years since the Apple TV has been refreshed. The device is due for a big update.

Additionally, during its September event, Apple will likely share the release dates for its latest operating systems, iOS 11, macOS High Sierra, watchOS 4, and tvOS 11, which were teased this summer.

With Apple expecting to refresh its iPhone, Apple Watch, and Apple TV, the company's September product launch event could be Apple's most important event in years.

Daniel Sparks owns shares of Apple. The Motley Fool owns shares of and recommends Apple. The Motley Fool has a disclosure policy.