the first photo's of the GeForce GTX 960 have surfaced, it was only a matter of time of course. the photo's below show two versions of MSI's upcoming GM204 based GTX 960 GPUs. Both are  2GB versions of the GPU, one being the Standard MSI Gaming GPU, the other being the Nvidia 100ME (100 Million Edition).

The GPU has the same display outputs as the reference GTX 970's and GTX 980's with 3 Displayport outputs, a DVI output and an HDMI output.  These cards are based on a 4+1 phase VRM powered by a single 8-pin PCIe power connector. Both cards feature a compacted variant of MSI's TwinFrozr V cooling solution, which is similar to the GeForce GTX 980/GTX 970 Gaming series. The source of these photo's  is Videocardz. GeForce GTX 960 is expected to launch on the 22nd of January, 2015.