It's not the chip, but the network that needs to be upgraded. Verizon hasn't done this, seems that they're more focused on LTE.
Actually it is the chip. 1X needed the new channel card. In my area, it was years ago for the 1X upgrade.
We'll just have to see. It, the verizon rumor, easily could be a rumor started by apple to beat ATT over the head with for more concessions.