With people eagerly awaiting new iPads and iPhones, what is the fate of the antique iPod?

Rumors have begun that Apple is going to stop producing the iPod soon, given that people have begun moving to the newer devices, although Apple has kept mum on the speculation.

According to the Street, iPod sales have declined since 2008, with sales tumbling around 20 percent annually during the June quarter. Furthermore, CNET notes that iPod sales have comprised merely 8 percent of Apple's total revenue in 2010.

Donald Bell, CNET's senior editor for tablets and portable media players, writes in a piece that Apple may conclude that it's time to move on from the old-devices hype.

For starters, this year (October 24) marks the 10-year anniversary of the iPod, Bell writes. That's quite an achievement, but it's also a nice place to bookend things. I can imagine Apple saying, 'It had a great run, now go buy an iPhone.'

Stores such as Best Buy, Target and Wal-Mart are beginning to offer significant discounts on some iPods according to PC Magazine, which fuels the speculation about the company ceasing production on the old devices. So far, the iPod classic is not one that has been discounted, according to the magazine.

Furthering speculation about the iPod's future is the projected release of Amazon's Kindle Fire Tablet, which could put more pressure on Apple to focus on their newer products.  

Of course, iPod will still play a crucial role in Apple for a while to come. Slashgear.com reports that through an inside tip, three new versions of iPod touches will come out at or around the same time that the new iPhone 5 will hit the stores. Some sources report that Apple is trying to move into all of their i Products to being touch screens, thus getting rid of the iPod classic and shuffle.