Former Twitter co-founder and all-round nice guy Jack Dorsey’s latest company could be on the verge of announcing an exciting new partnership if we’re reading one of his Instagram postings correctly.

As TUAW writes, Dorsey’s Instagram account now sports a photo of what appears to be an Apple in the centre of a large square. Putting two and two together isn’t too difficult here with the blogosphere speculating the Apple represents, well Apple and the large square is, you guessed it, Square.

Square is Dorsey’s current project – an iOS accessory that brings mobile card payments to the platform without the need to create expensive merchant accounts. The Square accessory is already available in Apple’s retail stores.

Speculation that Apple is looking to use Square’s system to handle payments in its newly revamped stores is now rife – speculation that we don’t think can be too far from the mark. After all, what else could the partnership be for?

Unfortunately Square is currently only available inside the United States – could Apple be launching the system and associated accessory worldwide?

Let’s hope so!