“Adobe Systems Inc. has begun work to create a media player destined for Apple Inc.’s iPhone [and iPod touch], Chief Executive Shantanu Narayen said Tuesday, thus adding a new wrinkle to a standoff between the two long-term partners,” Ben Charny reports for Dow Jones.

“In comments widely reported last month, Apple Chief Executive Steve Jobs said the company’s iPhone [and iPod touch] hadn’t adopted Adobe’s mobile version of its Flash program because of technical and performance concerns. At the time, he suggested Adobe work on a new version of the player,” Charny reports.

“On Tuesday, when asked about the issue during a conference call with investors, Narayen said the company had since obtained the software developer tools Apple released last month. The tools will let Adobe build a Flash player for the iPhone [and iPod touch], then distribute it through Apple’s iTunes online store, he said,” Charny reports.

Full article here.

[Thanks to MacDailyNews Reader "Len" for the heads up.]

Adobe will distribute it through iTunes Store if Apple approves it, is what Narayen should have said. Given Steve Jobs’ most recent statements about Flash, that’s a big “if.”

[UPDATE: March 18, 10:20pm EDT: Adobe backpedals on Flash for iPhone statements]