The latest rumor regarding Apple inc. involves the iPod Touch, and while some say that the device has been forgotten, and has waning in relevance, there has been speculation that Apple will release an updated version of the music player later this year.

In a report, Apple Insider cites sources who are apparently close to the matter and says that the media player is due for an update, which may include improvements on the processor and the camera.

The iPod Touch's last update was in the latter half of 2012. That update added an ultra thin body with a colorful plastic back, an A5 processor and a lightening connector.

In the past few years, however, sales of the iPod have continued to decline as many people are replacing their MP3 players with smartphones and as a result of this, Apple no longer shares sales of the iPod in its quarterly results.

On that note, the report is just a rumor, and there is no way to verify as of yet, whether there is actually an updated iPod Touch in the making. There is a possibility that Apple would introduce this updated entertainment player with the new iPhone in October.

The company usually has events in the second half of the year during which it introduces its new products.

The iPhone and the iPad are usually updated every year, but they are two of its highest selling products.

The iPod Touch is nowhere near as popular as it used to be, so it would be more likely to be relaunched through a website update, press release, or another similarly quiet fashion.

This update would be great news for iPod fans who still prefer to store their music on an MP3 device.