Improvements to the iPhone's camera are pretty much inevitable for the next iteration, and it looks like Apple may be looking for mass quantities of LED flash components to improve low-light shooting.
The rumor points to Philips' LumiLEDs line for the contract, thought to be in the tens of millions of units. The flash would be a boon for low-light shooting, which is a distinct weakness of the iPhone. Apple's previously been rumored to be popping a 5MP sensor into the iPhone. [9to5Mac]