Now that the iPad is about to be out in the wild this Saturday, it must be time for the rumor-mongering to turn back to the iPhone.

It all started on Monday with a paper-thin “report” from The Wall Street Journal, announcing that Apple would have not one but two iPhones this year: One this summer for AT&T, and a second one later in the year for -- wait for it -- Verizon Wireless, using the CDMA radio technology.

Shockingly, that threadbare bit of news -- with absolutely no further details -- created a tsunami of news about something that has already been widely rumored for months to begin with.

It didn’t take long for Daring Fireball blogger John Gruber to sarcastically attack the WSJ and their “lame entry in the iPhone rumors game,” according to AppleInsider. But he didn’t stop there, and added to the speculation game by touting that the next iPhone would feature “a custom A4 processor, 960x640 double-resolution display and a second front-facing camera” -- as well as the previously rumored multitasking support for third-party applications in iPhone OS 4.0.

For their part, Engadget also jumped into the fray with an anonymous tip that the new device would be called “iPhone HD” and even going further -- that the handset would be introduced on Tuesday, June 22nd, only a week before Apple’s annual WWDC developer conference scheduled from June 28th through July 2nd, 2010.

Gruber’s prediction of a custom A4 processor likely isn’t too far off -- it’s the same processor that Apple created for the iPad, so it’s not a stretch to theorize that it will be used in a forthcoming iPhone as well. Nor is a second front-facing camera, which has long been on iPhone users’ wish lists and rumored as far back as the original device in 2007.

Finally, there are some leaked photos (and even a video) making the rounds which presume to be the faceplate of the new iPhone, which only serve to stoke the embers of previously rumors that a new handset might be as much as a quarter-inch taller than the existing models.

Just remember, kids… April Fool’s Day is this week, so let’s be careful out there. The rumor mill is sure to be churning overtime!

(Image courtesy of TUAW)