We just reported about the new 4.7-inch iPhone 6 launching in both 32GB and 64GB variants in September, but if you're after 128GB of on-board flash storage, you'll need to upgrade to the bigger 5.5-inch version of the iPhone 6.
Chinese site Wei Feng is reporting that the 128GB variant will only be baked onto the 5.5-inch version of the iPhone 6. This is going to be the big point between the two new iPhone 6 models, with the 4.7-inch model coming with a smaller screen and smaller on-board storage options, but for those who have a requirement of everything bigger, the 5.5-inch iPhone 6 will have an option of 128GB.
We should expect Apple to launch the new 5.5-inch iPhone 6 alongside the 4.7-inch iPhone 6 in a few months time.