Third-gen Zune in 2009 in Europe
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There are also some sketchy rumors that Windows Mobile 7 devices will be able to take advantage of Zune content and services, but it doesn't look like Microsoft has anything to say about that yet -- but if that goes down you know a Zune phone is right around the corner.
Source- http://www.engadget.com/2008/03/13/third-gen-zune-to-hit-in-2009-make-it-to-europe/
Update: Office 2010 The Movie account on Twitter mentioned that - June 2009 will be an important month for Zune lovers. This basically confirms the fact that Zune related announcement is bound to come.
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