Analyst Robert Peck of Bear Sterns described in a report for clients, a new feature that Google will be rolling out in time for the holiday season. The new product is based off of Google Base, a service Google launched last October that many believed was taking a direct shot at eBay.

Google also plans to de-emphasize Froogle as a stand-alone product, and integrate it into other search products. Its listings would instead be absorbed by other search features (perhaps Google Base?).

The new feature hasn’t yet been fully disclosed, by either Peck or Google. Google has declined commenting on the report, however, it is believed that the new feature will rattle a number of electronic merchants, including eBay who has dedicated a significant amount of time ensuring that their listings appear in Froogle search results. As Froogle’s exposure declines, so does the ability of eBay to benefit from the Froogle listings.

A spokesman from eBay said that just as the work to make sure eBay listings appear in Froogle, the company is sure to do the same with the new Google Base set-up, should it occur. Apart from that, he declined to comment any further.