Redmond Pie is reporting that MyWi 4.0 is ready for release and could be out within the next day or so. MyWi is a popular jailbreak app, for iPhone, that allows you to turn your iPhone into a mobile WiFi hotspot, using your carrier’s data plan. Apparently, it has been updated for iOS 4 and will be out soon.

The above screen shot is of a jailbroken iPhone 3GS, on iOS 4, with MyWi 4.0 installed. The iMovie icon you see is a failed port of the app, to the 3GS. No word on if this will be a free update, or if we’ll have to buy it all over again, but hopefully we’ll see soon.