Early on it was assumed that Norman Osborn, who recently bonded with the Carnage Symbiote, was the character who would become the Red Goblin. Spec has been furious on when the character would appear. When it was discovered that Carnage had freed Norman of the nanobots that prevented him from becoming Green Goblin, people started thinking.
When Amazing Spider-man #797 was released, we saw Norman Osborn run the Goblin King through, to what was believed to be his death, but the action took place off panel.
The Amazing Spider-man #799 Clayton Crain Variant from ComicXposure, seen to the left, has both the Green Goblin and Red Goblin on the cover.
This has lead people to speculate that Norman isn’t the Red Goblin and it could be Phil Urich, aka the Goblin King, who could be the Red Goblin. If Phil does become the Red Goblin then his first appearance in Web of Spider-Man #125 could be worth the $3 price tag.