As summer gets closer, financial firms are speculating about the future of the iPhone. And, according to Bank of America, a 3G version may be coming sooner than anyone thinks.

In a message to investors, Bank of America's financial analyst Scott Craig cites channel investigations that show a 3G iPhone will be made available in small quantities by May with a larger rollout sometime in June of this year.

According to Craig, insiders have told analysts that an upgrade to the popular mobile phone is on its way and Apple could make some announcements on that front in a few months. "This likely implies a launch announcement in [the second calendar quarter]," Craig says.


iPhone production to increase

Craig also said that Apple is likely to increase its iPhone production significantly this year and estimates that about three million 2G and 3G iPhones will be produced during the spring quarter. During the summer, he expects Apple to ramp up production and make about eight million iPhones.

Apple did not comment on the Bank of America report, but considering it has always said that a 3G iPhone will eventually hit store shelves, look for an announcement soon.