Apple’s latest set of product announcements is scheduled for later today, but rumours and photos are already rampant concerning the new shape of Cupertino’s most successful gadget.

As you can see from the blurry image above, Apple appears to be readying yet another iPod nano. This time the shape returns to the familiar vertical rectangle which was made popular by the first and second generation nanos, who in turn owed their form factor to the genes they inherited from the iPod mini.

It also bears a striking resemblance to Microsoft’s second generation Zune.

Capacities for the new 4G nano are said to be increasing, while the price for the latest batch of iPod Touch devices are rumoured to be dropping.

The Apple conference kicks off at 1 p.m. EST today, so check back with us for all the details as they unfold.

Thanks Gizmodo.