According to a new report by 9to5Mac, a new iPhone and a new iPod touch is in the works.

Should this even be labeled as a rumor considering the absolute inevitability of these hardware updates? I don’t know, but the wait, speculation, and anticipation is always amusing.

According to their sources, a variant of the A5X chip will power the next generation iPhone, and it will include 1GB of RAM. To me, a varient suggests it’s probably not an “A5X” per-se, but an entirely new processor dedicated to the device’s smaller form factor, and less visually intensive needs.

Their source also indicates that the next generation iPhone has been seeded internally, yet it is being housed in ho-hum iPhone 4/4S casing to throw off any potential leaks.

Sounds about par for course. I guess the only thing left to make this 100% legit is for the new iPhone tester to head to his or her favorite bar, am I right?

9to5Mac’s Mark Gurman is also reporting that a new iPod touch — dubbed iPod 5,1 — has been identified inside of an iOS 5.1 internal build. For iPod touch fans this is obviously long overdue. Outside of the new (in color only) white iPod touch released late last year, the device is starting to fall behind when compared to its iOS contemporaries.

Both of these revelations suggest that we will be seeing new iPhone and iPod touch hardware in the very near future. If Apple decides to stick with their current release schedule, that could mean we could see both devices later this fall.

We’re still holding out hope that Apple will go back to its old iPhone release schedule, meaning we’ll see the new iPhone some time early this summer, but we’re not holding our breath.

What do you think?