A Spanish-language blog has posted “inside information” revealing that Zune Phone and Windows 7 Mobile will debut sometime this month. Microsoft will announce the new Zune Phone at the Mobile World Congress in Barcelona.

The phone will reportedly run on the Tegra platform, NVIDIA’s powerful system-on-a-chip that was used in the Zune HD and will also be used by a number of upcoming tablets.

There have been many Zune Phone rumors, often referred to as “Project Pink” or the “Microsoft Zune Phone Experience”. The Zune Phone is expected to run Windows Mobile 7 and incorporate the Zune software — similar to the way Apple’s iPhone (iPhone) runs a flavor of what is essentially iPod software.

The Zune Phone could very well be Microsoft’s answer to the iPhone, but will it succeed in overtaking the iPhone from the market. From prior observations, we can say may be not, but who knows…