Remember the good ole days when an iPod Nano was 4-8 GB? Then along came the iPhone and all of a sudden, 8GB was a full fledged model! So, the question arises that if, and when, an iPhone Nano gets made by Cupertino, how big would it really be? Well, we may not be able to answer that just yet, but if the rumor mill is correct (and it seldom is), an iPhone Nano may be just around the corner.

Drive size aside, the rumor has some pretty funky specs attached to it … first, this smaller version of the iPhone would have relatively the same size multi-touch screen, but also a a touch wheel on the back (red flag number one), and users would have a dialing interface on the back of the phone as well (red flag number 2). The rumor also speculates that the sale price for Nano Phone would be just under a hundred dollars U.S. – this could be the only accurate piece of information coming out of it. But still, with the $199 version of the current 3G iPhone selling out all over the planet, it is highly unlikely that an iPhone Nano will hit the Apple Store shelves any time soon, much less by Christmas.

File this under Fan boy speculation, yet again.

Hat Tip – Fortune Mag