BusinessWeek is reporting that Verizon and Apple is talking about releasing media and wireless devices, not necessarily in the iPhone line, as early as this summer. The iPhone Lite, which Verizon and Apple need not call it by that name, is a less expensive phone than the iPhone.

The new iPhone-like device is slightly thinner and smaller than the existing iPhone, people say. The reason the device is much cheaper than existing iPhones 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, says one source familiar with the design. This new chip could also potentially be used in the media pad. “It will have a much lower cost that will blow away the margins on the BlackBerry and the iPhone,” the person says.

The Apple Media Pad, not the real name either, will have WiFi connectivity and support for high-definition videos. A brief description of the Apple Media Pad:

“The media pad category might go to Verizon,” said the person who has seen the device. “We are talking about a device where people will say, ‘Damn, why didn’t we do this?’ Apple is probably going to define the damn category.”

Probably a direct competitor of the mintpad.

There’s no deal yet and Steve Jobs–yes, he’s the one making the moves for Apple-may just opt for a better deal with AT&T. Still Verizon CEO Lowell McAdam has spoken directly to Jobs and it can be confirmed that new mobile devices are in the works at Apple, Inc. Big year for Verizon Wireless. First rumors about a Verizon iPhone, then a Zune Phone and then a Microsoft WinMo phone and now two totally new mobile devices that Apple is going to distribute exclusive through them.

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