The iPhone 5 will be a dual-baseband device that operates on both GSM and CDMA networks. According to comments made by Verizon CFO Fran Shammo in the company’s last quarterly earnings call, Apple’s next iPhone will be a “global device” compatible with all carriers.

Shammo was the one that leaked the information that Verizon would be getting the iPad 2, so there’s reason to believe his claim is true.

The Verizon CFO responded with this statement when asked about slow revenue growth in Verizon’s last quarter,

“The fluctuation, I believe, will come when a new device from Apple is launched, whenever that may be, and that we will be, on the first time, on equal footing with our competitors on a new phone hitting the market, which will also be a global device.”

The Verizon iPhone 4 actually has a dual-mode baseband that is capable of supporting GSM + CDMA network protocols, but it lacks the SIM card and antenna design necessary to be functional as a world phone.

Shammo didn’t give an exact timeframe for the iPhone 5’s release, and he was careful to remain vague about everything except the fact that it will be a global device. Apple is supposed to start production of the iPhone 5 this summer with a September release.

A global iPhone means that it will be much easier to travel abroad and have reliable service. Once the merger between AT&T and T-Mobile is finalized, the iPhone will be available on both of the major carriers in the U.S.

Do you think Shammo let the cat out of the bag on purpose? Are you excited for a dual-mode iPhone?

[Barron’s via GigaOM]