As investors and technology enthusiasts focus on Apple's anticipated unveiling of its tablet PC, new iPhone software and a version tailored for Verizon may be also in the works.
Apple suppliers are already ramping up the supply chain in for mass production of a new iPhone, according to Canaccord Adams analyst Peter Misek.
The new iPhones being developed with support for CDMA wireless standard-- the standard that Verizon deploys -- as well as European GSM and HSPA standards Misek says.
He also expects a new iPhone 4.0 OS will debut, with support OS-wide multi-touch gestures and multi-tasking, as well as simplified navigation. It will likely be available only for 3G and 3G S phones.
The announcements are expected to come alongside the revelation of Apple's 'latest creation' on Jan 27 in San Francisco.
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While partner and supplier's have indicated that the main event will be the introduction of introduce a tablet device, Apple has historically augmented major announcements with other minor ones.
During the unveiling of Apple's Macbook Air, chief executive Steve Jobs showcased a number of updates for the iPhone, as well as the Time Capsule backup device for Macs.
Misek is forecasting sales of more than 37 million iPhones for fiscal 2010, which is about par for a mainstream analyst.