We've seen photos of iPhone 7 boxes snapped in secret and paid some attention to the storage. We've seen a 64GB box, but that seems too ambitious.
Still there's hope Apple will ditch the 16GB minimum. Kevin Wang, the Director of Market Reasearch at IHS Technology has done "supply chain research," which showed that 32GB storage and 2GB RAM will be the new base.
We're already at 2GB RAM, the iPhone 6s was first, then the iPhone SE confirmed it. The storage is great news, though, 16GB isn't nearly enough for a modern flagship (especially one with 4K video capture support).
What would be the next step? 64GB again? Maybe. There's talk that the iPhone 7 Plus will top out at 256GB storage, so it will be interesting to see what storage options Apple decides to offer.