Steve Jobs is expected to announce an amped-up new iPhone later today.

Jobs’ keynote address at the Apple Worldwide Developers Conference, at 10 a.m. PDT, is widely anticipated to contain the news of the new 3G-capable phone. Rumor has it the cost will drop down to $199, too, and could be available as soon as the summer.

We’ll be watching and will bring you the developments as they happen right here.