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updated 6/11/2010 1:21:51 PM ET 2010-06-11T17:21:51

Mobile phone makers are scrambling to come up with a response to Apple's iPhone 4, which was just announced Monday and it looks like Motorola may have come up with a pretty good one: a 2 gigahertz smart phone by the end of the year.

Sanjay Jha, CEO of Motorola's consumer business and mobile devices division, confirmed that the company will have a 2GHz smart phone by the end of the year. Jha spoke at the Executives Club of Chicago on Wednesday — at the same event where, last year, Steve Ballmer mentioned Microsoft's plans for "Project Natal."

Jha also spoke about the mobile devices industry, and predicted that within a few years most corporations will give their employees smart phones instead of notebooks.

He did not elaborate any further on the upcoming 2 GHz smartphone, though an anonymous Motorola executive told Conceivably Tech that the new phone will "incorporate everything that is technologically possible in a smart phone today."

According to this executive, the phone will be Android based, and include a gyroscope and Nvidia Tegra-based graphics processor with full Flash 10.1 hardware acceleration.

The snappiest smart phones on the market today — including the Google Nexus One, HTC Evo, and the HTC Incredible — use a 1 GHz Qualcomm Snapdragon processor.

Apple is in the same league — the iPhone 4 features a 1 GHz A4 processor.

Qualcomm recently announced that it will be introducing dual-core smartphone processors —Snapdragon chipsets with two processor cores that run with speeds of up to 1.2 GHz.

It's unclear what the 2GHz chipset in the new Motorola phone will be, but it looks like it will be at least twice as fast as any smart phone on the market today.

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