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It highly depends in wich rumor you belive. The first ones pointed for a 4850 card that is from the r7xxx series, some of the latest one like the ubsifot leak pointed for an update with 6770 wich is from the Nrthern islands if i recall correctly. They have similar performances in raw power but the letest has acces to dx11 features. Both of these looks possible so cant really favor one or another.

snowdog said:
It's not likely to be a Power7 based CPU, people tend to be a little confused in the difference between a Power7 CPU and a POWER (note the capitals) series chip. Both the Power7 and PowerPC lines are POWER (Performance Optimisation With Enhanced RISC) series chips, it's more likely to be a PowerPC chip of some description imo.

For now it looks pretty believeable