Nokia’s executive vice president for mobile devices and Microsoft’s president of business division, Stephen Elop will be announcing a new alliance later today. What could it be? Microsoft’s Office suite for Nokia devices? Nokia planning to go Windows Mobile (highly unlikely)? Or just a coalition of the willing against the ‘evil forces’ led by Apple and Research In Motion? We’ll find out later in the evening so stay tuned in.

Update: The WSJ is citing ‘a person familiar with the matter’ who claims that the deal will in fact be related to make a mobile version of Microsoft’s Office suite available for Nokia’s devices. Microsoft already has a pretty comprehensive Office suite for devices running on its own Windows Mobile operating system. Currently, Nokia relies on third party offerings from QuickOffice for MS Office suite on its smartphones.