Nope.
The reason is that there is limited room inside the iPhone case. The 32GB chip is fairly large, and there is really only room on the circuit board for 1 flash package (containing a number of chips) for memory.
The industry recently transitioned to 30nm-class NAND flash fabrication, allowing for single package 32GB NAND flash. It probably wont transition again until the end of 2010 (every 18-24 months). So no, we wont have one in time for an iPhone 2010 launch. Perhaps in 2011 we'll have the choice between 32GB and 64GB iPhones. And then another two years after that, 64GB and 128GB iPhones.
This could change if Apple were to redesign the phone, but I think at this point they'd go for smaller/lighter rather than bigger for more storage. Everyone who just uses it as a traditional smartphone (phone/email/calendar/apps) and doesn't put movies and music on it, they just use a tiny fraction of the 8GB of storage on a 3G.