The annual Consumer Electronics Show is fast approaching, and in true form, rumors and information are starting to appear. The latest news of interest comes from LG and Intel, who look set to show off a new Intel powered smartphone at this year's CES held January 10th-13th at the Las Vegas Convention Center, according to sources speaking to the Korea Times.

The phone will likely feature Intel's new Medfield chipset coupled with Android's mobile OS, and could hit store shelves as early as March according to Intel Korea's chief Lee Hee-Sung. "Intel’s chief executive Paul Otellini will release Intel’s first Android smartphone using our own platform at the CES," he commented.

"LG Electronics will produce Intel’s first Android smartphones that use Intel’s own mobile platform. The device will be shown at the CES," a top ranking LG official also told the newspaper.

At CES 2010, both manufacturers showed off a jointly developed phone prototype. Ultimately, the smartphone (video above) never made it to store shelves but the Intel dual core Atom based Moorestown chipset displayed impressive performance when demonstrated at the show.

Reports are conflicting though, with an LG executive speaking on the condition of anonymity saying he doubts the phone will be released, adding that in his personal opinion "it is somewhat possible that LG might push the reference of Intel mobiles but that this will include huge subsidies on the part of Intel for promotional purposes."

Requests for more information via official channels have resulted in both firms declining to confirm any information unfortunately, so we will have to wait until CES to see if the phone makes it to the show floor.