According to BusinessWeek, the Verizon-apple partnership is in the offing; with rumors abound that Verizon Wireless is working out a deal with Apple Inc for the distribution of two new devices similar to the IPhone.

Unnamed sources say that Apple CEO, Steve Jobs has been involved in the talks with Verizon, that have been on for the past six months; and that Apple is supposedly through with the creation of the prototypes of the proposed devices.

In fact, a hint about the ongoing talks was given by Verizon CEO Lowell McAdam when, in a recent interview with BusinessWeek, he substantiated the rumor saying that the company has spoken with Apple executives. McAdam had said: "In the last six months, I have talked to Steve Jobs."

Of the two devices that Verizon and Apple are deliberating about, one - the "iPhone lite" - is a small and reasonably-priced calling device; while the other is a media pad which would enable users to listen to music, view photos, watch high-definition videos and make voice calls over Wi-Fi.

However, for the Verizon-Apple deal to materialize, a few points have to be clarified beforhand - like the subsidy Verizon Wireless would pay for each device; the sharing of monthly service revenue between the two; and agreement on distribution of wireless software applications.