Apple's deal with Motorola could simply be the tip of a growing iceberg, analysts speculate.

They anticipate Apple will eventually develop and produce its own "iPhone", contracting out the manufacture of such a device - but not in the immediate future.

Creative Strategies analyst Tim Bajarin told Reuters: "I can't see anything short term". As the new Motorola iTunes phone (ROKR) has just reached market, Apple must see how that product performs.

Piper Jaffray analyst Gene Munster explained that in order for Apple to develop and market such a device it would have to reach different deals with each mobile carrier, and would have to design its phones to support each carrier's networking technologies.

The report speculates that should Apple elect to create its own handset, then the company may also have to recreate itself as a mobile phone network, leveraging its brand power.

Apple's deal with Motorola isn't exclusive. The company confirmed it remains free to secure similar deals with a variety of handset manufacturers.

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