By Kasper Jade

Published: 11:00 AM EST

Apple Computer is preparing to unveil the 4th-generation of its flagship iPod music player, reliable sources told AppleInsider last week.

Excluding the introduction of the iPod-mini in January, over half a year has passed since the company last update the iPod product-line on September 8th.

While sources could not pin-point a specific day or month of introduction, they said the soon to be released player would boast a 50GB hard disk capable of holding 12,500 songs and carry an approximate cost of $499.

Unlike the recent capacity-centric revisions to the iPod line, the 4th-generation iPod will host a number of architectural advancements and new features. Most apparent, sources say, is the presence of a 2-inch color screen for displaying photos stored on the pod, from the palm of your hand.

The player will reportedly also adopt a video output jack that will allow users to connect their iPods to television sets, sources said. Meanwhile, no mention was made in regards to an output jack capable of relaying audio to a home entertainment center.

Sticking true to its form and identity, sources said the 4th-generation player reflects very few external changes, but will sport a revised set of navigation controls most similar to those found on the iPod-mini.

In order to accommodate the new color screen, a revised version of the iPod's embedded OS will most likely be required, sources said. The company is also rapidly developing a major update to its iTunes jukebox software, also due this year.

Apple will celebrate the 1 year anniversary of the iTunes Music Store next month, with April 28 acting as a potential candidate for music related announcements.

NewOrder contributed to this report.