The Oct. 6 Journal report quotes unnamed people "briefed by Apple." Qualcomm will apparently build a key chip for the Verizon iPhone. In addition, Apple is reportedly working on the fifth-generation iPhone, although a timeframe for its release on Verizon remained "unclear."
Rumors have circulated for months that Apple intends to break its iPhone exclusivity with AT&T and release the smartphone on other carriers in the United States. In August, TechCrunch reported that Apple was in negotiations with manufacturers for a Verizon iPhone, again with a tentative launch date of early 2011.
For more, read the eWeek article Apple iPhone Heading to Verizon in Early 2011: Report.