From BusinessWeek’s sources, Verizon Wireless is in talks with Apple to launch two new iPhone-like devices as early as this summer: iPhone Lite and Apple Media Pad.

iPhone Lite is smaller, thinner and cheaper than the current iPhone 3G. It is intended predominantly for calls rather than the full gamut of smartphone functionality. The reason iPhone Lite is much cheaper than existing iPhone is that it relies on a so-called system on a chip, which incorporates many types of chips and drives down the cost of silicon in such devices. The new chip could also potentially be used in the media pad.

As for the Apple Media Pad, which would be something bigger than a cellphone but smaller than a netbook. It is basically similar to the size of a Amazon Kindle 2 but with a full touchscreen. It allows users watching HD video, listening to music  and doing other things. The Apple Media Pad would also support VoIP over its WiFi connection.

The new Apple devices under development, if introduced, hold the potential to shake up the tech industry.

The sources suggest that one of the devices could launch as early as this summer, there’s speculation that the Apple Media Pad may be the first to arrive.

[via Slashgear]