I'm envisioning a system in a package like this (please forgive my terrible art skills):
View attachment 1764175
Actually, that's perfectly clear.
And if they want to maintain a unified memory model, this kind of setup allows it.
I can't see this making sense for anything but the Mac Pro though.
The two main reasons to separate the functionality like this are, as far as I'm aware, either that your silicon die size grows outside the reticle limit, or that you can reap substantial benefit from flexibility in terms of how you combine your building blocks. (The main success story here being AMDs Ryzen family of processors where using the same CPU chiplets allowed them to adress markets from mid level consumer desktop all the way up to the biggest iron with very short time to market. Note though - their product needs don't apply to Apple.)
Yield for a large SoC wouldn't seem to be an issue - as I wrote elsewhere here, AMD has made SoCs for the XBox sx and the PS5 that are 360mm2 and 310mm2 respectively on TSMCs 7nm process. More than 10 million of those SoCs have been sold to end users, and they are
cheap, as they are put into boxes that also include 16GB of GDDR6, 1TB of fast SSD and bluray drives with full licensing et cetera, package sold at $499.
Making a monolithic die is obviously the most economical way of going about things at those die sizes or Sony and Microsoft wouldn't have chosen it, and TSMC 5nm is closely related. TSMC has made very positive noises about defect rate, and Apple has already manufactured a couple of hundred million A14 + 10-15 million M1s by now on that process. Ergo, it seems reasonable to assume that if Apple breaks the SoC up like this, the CPU and GPU parts need to be really big. We're not talking twice, or even four times as many CPU and GPU cores as M1 as that would still fit inside 200mm2 or so, but significantly beyond that. For the life of me, I can't see Apple going that big for laptops, and I'm not sure "Big iMac" volumes justify the design effort. (Nor that their current iMac design ethos would comfortably deal with the implied thermals.)
Maybe something like this could be justified for the Mac Pro, and
if so,
maybe a variation or the same parts could find themselves into a Big iMac. But that's a bit too much "if" and "maybe" for my liking.
If "The GPU will indeed be a discrete chip for the highest end product." turns out to be accurate, then I suspect this is Mac Pro only.