The grapevine has it that Apple has geared up to release a WiFi iPod during the third quarter of 2007. For which, it has selected Universal Scientific Industrial (USI) and Foxconn. An EarthTime story, which is based on DigiTimes, notes that USI has been assigned to develop the WiFi modules and Foxconn OEM system assembler. As of now, we should not read too much on the Apple WiFi iPod because the consumer electronics giant has already made a huge investment in its forthcoming iPhone. It’s natural that Apple will put its all efforts for popularizing the iPhone, rather investing in a new project.