The firm predicts that Apple will announce the phone to coincide with the US launch of Helio, a new virtual network operator which aims to attract young, high spending customers to its combination 3G/VoIP network.
"The odds are extremely good that Apple will launch an iPhone this spring in tandem with Helio's launch in the US," said Pam Duffey, telecoms analyst at Visiongain.
"The relationship between Apple and Helio management goes back to the Motorola Rokr iTunes phone, and Helio has declared a target audience identical to iPod's existing market.
"Helio's top rank executives have also publicly voiced frustration with mainstream carriers, and appear to be on a crusade to radically shake-up the industry."
The new phone could be designed to mimic existing iPod media players, while using the latest technology to increase download speeds.
The new venture aims to sign about three million customers and generate more than $2bn in revenue by 2009.
The most luminous galaxy ever discovered is cannibalising at least three of its smaller neighbours, study finds
The galaxy radiates at 350 trillion times the luminosity of the Sun
Researchers modify genetic code of cancer-killing virus so it can target cells that protect cancer from immune system
Changing the genetic coding causes the infected cancer cells to produce a protein that kills the fibroblast cells that protect cancer
The findings can help improve the current understanding of brain development disorders, such as epilepsy or autism
Dubbed HD186302, the solar twin is located about 184 light-years from Earth