Palm Computing is to announce today two new products, the Palm Vx and the wireless Palm VII, according to industry sources.

The company’s Vx is an upgrade to its slimline Palm V handheld computer, with increased memory from 2MB to 8MB, a faster processor and revamped operating system and software, according to various rumours on the Web.

The Palm VII with its wireless antenna and wireless Internet service, was officially launched last December and has been shipping in the New York area of the US for the last six months. It is now to be unleashed officially in the rest of the US.

Palm Computing now has to compete with another contender in the marketplace. Handspring, formed by Palm’s co-founders, has recently unveiled its Visor handheld, based on the Palm operating system (see Hot Reviews).