The rumors and speculations over the release of a Verizon iPhone are not new and it seems that no one knows for sure that when the iPhone on Verizon network would hit the stores. But the bigger question is: Will the iPhone coming to Verizon rumor ever turn into a reality?

A few weeks ago, Bloomberg reported that Apple may offer the iPhone to Verizon in January next year. Bloomberg cited two unnamed sources, who are familiar with the plans, to stress its claim. Here’s what we know about the possibility of the release of the Verizon iPhone:

* The details of AT&T’s exclusive contract with Apple are unknown. In 2007, USA Today had reported that the two companies had inked a five-year contract, which would run till2012.

* Verizon uses CDMA technology, while iPhone uses GSM technology, which means Apple, would have to design an iPhone that works with Verizon’s network. Another possibility is that the Verizon iPhone could use Verizon’s upcoming 4G LTE network. Verizon is set to launch the LTE network in 25 markets by November.

* In March, The Wall Street Journal had reported that work was going on a CDMA iPhone and the production of the device would begin production in September. If this is true, then timeline seem to line up well with the January 2011 launch date.

* Apple CEO Steve Jobs has never said anything concrete on offering the iPhone to other carriers, but he has never said that the iPhone would remain exclusively with its current carrier- AT&T.