Apple and O2 have prepared a multi-million advertising campaign to promote the iPhone here, a report claims.

The campaign is scheduled to launch later this month, Reuters reports, saying it will begin in the fortnight before the device is set to ship in the UK on 9 November.

O2 UK chief executive Matthew Key told a journalists on Tuesday it would be the company's "most significant campaign" in the run-up to the key Christmas trading period.

Key also said he believed "80 per cent of O2 UK's high-value customers wanted an iPhone, while 40 per cent of the higher-spending customers on rival networks would be prepared to switch operators to get the handset," said Reuters.

Watch Macworld's video of the new ad campaign here.