And there shall be much rejoicing:

Apple Inc. plans to begin mass producing a new iPhone by the end of 2010 that would allow Verizon Wireless to sell the smartphone early next year, said people briefed by Apple.

The new iPhone would be similar in design to the iPhone 4 currently sold by AT&T Inc. but would be based on an alternative wireless technology called CDMA used by Verizon, these people said. The phone, for which Qualcomm Inc. is providing a key chip, is expected to be released in the first quarter of next year, according to the same people.

Read the full story at WSJ.