How to increase memory size from 512MB to 1GB?

You can't.

The RAM and storage on an iPod touch can't be upgraded. If your device actually has 512MB and/or iOS 7, it's a fifth generation model and not a fourth generation one.

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Wait for Apple to build it! But it could be a long wait. Cheers.

Two years later, if you want to upgrade to iOS 9, you can't. That's maximum OS and model support.

Would be nice, who knows.

I am hoping the next gen iPod will have at least 1GB memory as iPhone 5.

Well, as long as you were going to dream of things Apple will not give us.

I would like to have a 256GB (Flash memory) iPod Classic with a lightning connector.