We shoulda know the moment we lamented the lack of 4th generation iPhone (not iPhone 4G!) rumors that along would come our most mythical of rumored beasts -- the iPhone on Verizon. But this time it's no less than the Wall Street Journal that's mongering.
Citing the elusive "people briefed on the matter", the WSJ says Apple will likely release another GSM model this summer, just like clockwork, manufactured by the usual suspects at Hon Hai Precision Industry. A second iPhone of CDMA flavor (compatible with Verizon and Sprint) is said to be set up at Pegatron Technology Corp. for manufacturing in September.
What's with the wonky timeline? We don't know and no one in a position to know is talking. So take this with an iPad-sized grain of salt and speculate away in the comments!
[Thanks to Jeremy for the tip!]