CNBC has mentioned earlier today a report by Nikkei Net Interactive claiming that Apple and Softbank are co-developing a mobile phone with iPod features. Apple and Softbank have already reached an agreement on the development of this device.

The report also states that the new device will be Apple branded:

Apple, which will be selling cell phone handsets under its own brand for the first time, is expected to outsource production. The company is believed to have chosen Softbank as its partner because Softbank plans to offer high-speed Internet access for cell phones, with a focus on improving convenience for consumers.

SoftBank is known to have diversified its activities into the mobile business with the acquisition of Vodafone Japan. The new phone is expected to be introduced first in Japan then later in the USA.

Rumours of an iPod Phone have been spreading on the web since Apple announced its partnership with Motorola, allowing the mobile maker to produce phones that are capable of playing songs bought on the iTunes Music Store.

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UPDATE: Softbank denies recent rumours through a brief press release.