According to the Spanish blog muycomputer, Microsoft will be unveiling the rumored Zune Phone at the upcoming Mobile World Congress 2010. The handset known as the Zune HD will sport cell phone and PDA functionality thanks to Windows Mobile 7, which should also be unveiled at the MWC, and will integrate an NVIDIA Tegra processor. Othere specs are a mistery for know.
That said, all of the above is pure speculation. We'll know if it's true in less than two weeks.