The code ninjas at 9to5Mac have uncovered references to a new, more powerful Apple TV in the iOS 5 beta.

Since Apple started implementing the faster A5 processor in products like the iPad 2 and iPhone 4S, we’ve all been wondering when the Apple TV will see a specs bump. Practically, a move to the A5 chip in the Apple TV would mean that 1080p video content is coming to Apple’s beloved set-top box…

“Deep inside the iOS 5 file system is a reference to a Apple TV 3,1. This would be an upgrade from the current Apple TV’s 2,1 marking. The number changing from 2 to 3 represents major changes, and with the Apple TV recently gaining a fully re-designed case, we expect this upgrade to mainly consist of internal changes.”

This upcoming Apple TV will likely have more RAM alongside the A5 chip. The current Apple TV 2G can only handle 720p video playback due to A4 processor restrictions. Not only would this faster Apple TV be able to playback full 1080p video, but full 1080p content would likely be offered in iTunes following the product’s release.

9to5Mac notes that references in the iOS SDK have not always produced real results, but it’s a safe bet to assume that the Apple TV will see a refresh soon. Bluetooth support is also expected for the next gen Apple TV.

You can learn how to jailbreak your current Apple TV and add more features here and here. Expect a product refresh at Apple’s next event.