Unnamed sources leaked this week that VMware and EMC may spin off a few of their assets to form a new firm that will offer cloud services with a strong tie-in with Greenplum.

The official announcement could arrive on July 23, when VMware will report its earnings for the last quarter, or later in August during their annual VMworld event.  The joint venture between the virtualization giant and its parent company will reportedly receive control over Cloud Foundry as well as Project Rubicon. Practically no details have been disclosed about latter since its conception last year, but word has it that it’s some sort of IaaS that could potentially supplement the Foundry platform-as-a-service.

EMC and VMware are probably gunning Amazon Web Services- and Azure’s clientele, but there’s more to it than just that. The same sources say that surprisingly Greenplum might also become a part of the joint venture – the big data software provider that EMC acquired last year. It offers analytics software that might come into play as the differentiation factor between what the the Foundry spin off will have to offer and existing platforms such as AWS.

“The plans for VMware’s cloud asset spin-out are said to be at an advanced stage and some of the pieces are already in place, but the spin-out isn’t yet complete,” writes GigaOm. “VMware declined to comment on the spin-out plans.”

Everything else aside, this move, if truly in the works, will be a big structural change for VMware. And it would come very shortly after another one that SiliconANGLE’s John Furrier reported just this morning: CEO Paul Martiz is stepping down. He will be replaced by Pat Gelsinger according to insiders, and will most likely not be put in charge of the new joint venture we’ve learned of this week.