But it's unlikely Apple could challenge Netflix as the dominant player in the TV and movie rental market. Not only is Netflix a competitor, but it's also an important partner, with the Netflix streaming service a prominent part of Apple TV's offerings.

"What I'd like to see is Apple buying Netflix," Marshall said. "Netflix has approximately 150,000 titles, while Apple has just 15,000. Apple has a tremendous opportunity [if it bought Netflix]."

Assuming Apple paid a 20% premium over Netflix's current market capitalization, the deal would be worth about $12 billion, easily Apple's largest acquisition ever but well within its reach. "Apple has about $51 billion in cash at the moment," Marshall noted, citing Apple's famously well-funded cash-on-hand account.

Overall, Apple will post record sales for its , and Mac lines next month, Marshall said. (Apple will announce its official sales and revenue figures Jan. 18 in a conference call with Wall Street analysts.)

Marshall expects that will report it sold 16 million iPhones in 2010's final quarter, as well as 6 million iPads and 4 million Macs. If his numbers are on target, all three would be quarterly sales records.