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Currently, all the rumours point to an AMD APU and AMD GPU with 2-4Gb of RAM. The 7870 GPU would be great but it would require too much power to be truly viable in a console.

Personally, I don't think they'll go the APU route, but they may stick to an AMD CPU:

CPU: 6-8 core AMD CPU (Next gen Bulldozer) @ 3.6 GHz (28nm process)
GPU: Equivalent to an AMD 7850 (28nm process)
I strongly suspect they'll then try to get these into APU form by the 2nd year of release to reduce costs.
RAM: 2Gb is minimum. If devs get their way then 4 Gb.
HDD: 320+Gb 2.5" laptop HDD