To me, it all depends on two things; if apple can procure sufficient 128GB modules AND whether or not there's sufficient space in the next phone for it; Assuming the 128GB module is the same size as the 64GB module, then that solves that part of the equation, but price will also be important for Apple.
All this is answered in the link
And 128 gig aint that much on a NAND chip.
Here is a one year old article about yesteryears 20nm 128GB NAND die, the die goes into the chip.
It will happen, but I don't think this year, because I don't think they see the market as craving it.
However it will happen, the die will be cheaper, and apple will buy it. Try buying some old hardware, you will see the price is not worth what you get. Even buying a NES on ebay for 25 dollars is not worth it compared to processor speed. So Apple will be forced to up the space, later rather than sooner.
It will happen sooner tough. Lots of universal (iPhone & iPad apps on one), take 1g and up. And this will increase.
To the original question, it is a stupid question (and don't pardon me for saying). The answer is of course. A better question is will it happen this year or the next year? For this year, i doubt, maybe next year, MAYBE.