As if the little iPod Shuffle was not small enough, it looks like they are aiming at an even smaller one for January. Not only will it be smaller (most likely just thinner), but it may also re-introduce multiple colors, though my bet is on just having a black and a white Shuffle to match the rest of the iPod line.

“We are hearing of an even smaller form factor (smaller than a pack of gum) and the potential for the re-introduction of multiple colors,” said American Technology Research analyst Shaw Wu in a research note obtained by AppleInsider.

Wu believes the new shuffle could come as early as January and said Apple’s preparation for the product refresh was likely behind its recent move to add Hynix as a third supplier of NAND flash memory chips.

In order to minimize overlap with the iPod nano, the analyst believes storage capacities and price points will remain similar to Apple’s current iPod shuffle offerings at $99 for the 512MB model and $129 for the 1GB.