According to O2 in the UK Apple is set to release a patch that addresses a serious vulnerability in the iPhone’s SMS application. Yesterday it was revealed at the Black Hat convention that through an SMS message hackers could fully control any iPhone in the world.

The BBC is reporting that a patch will be available through iTunes on Saturday, an O2 spokesman said, “We always recommend our customers update their iPhone with the latest software and this is no different.”

The vulnerability was first revealed over a month ago and Apple has yet to act on the seriousness of the flaw.

[Update] A forum post on O2′s official forums confirms that iPhone OS 3.0.1 will be available to download via iTunes at 11pm UK time.