First of all, this is a rumor. There are no confirmed dates, or sources. Only one of the news’ sources claims that is is true. Many speculate on it being a fake, accompanied by a Photoshop’ed picture. I’ll let you be the judge of that.

The speculated chip will allow users to have two different firmwares on the same console and choose which one to boot. This will allow users to have full access to the features of the latest firmwares without compromising the PSP’s homebrew capabilities.

pspmodchip.jpg

If there are any more news about this alleged modchip you’ll be informed about it, but in the meantime, there’s little more to be said about it.