A single massive die.
I guess it doesn't really make sense. If it did, they would be doing it by now.
They already are doing things with a single massive die:
i7-2600k quad core 216 mm2 die size
i7-990x hex core 239 mm2 die size
GTX-560 360 mm2 die size
Radeon 6970 389 mm2 die size
GTX-580
520 mm2 die size
Top end GPUs are already single massive dies.
All the top end GPUs also consume significantly more power than a top end CPU. They're getting to the point where the thermals just can't support much more in the space given to a video card without exotic cooling (water, etc...)
Compare thermals to older top end cards and you can see they've really pushed the massive single die thing pretty far lately:
http://www.geeks3d.com/20090618/graphics-cards-thermal-design-power-tdp-database/
Highest single GPU was a 285 at 205 watts in that gen. Even the 470 of the next gen exceeded that, the 480 and 580 are significantly higher still. AMD is pushing thermals much higher than their 4xxx and 5xxx cards with the 6970. Compare to the nVidia 9xxx series, where the highest single GPU card was 140ish watts and you're not even in the same ballpark today, even a "low end" card like a GTX460 uses more than that.
Remember the x1900XTX that got a lot of flak in those days for being such a power hungry hot card? yeah, 135 watts. If you're using anything bigger than a 5770 these days, you have yourself a 'power hungry' card.
They've already pushed in this direction. It's very clear they have when a card that most people won't even consider because it's too low end, a GTS450, consumes more power than an old value king... a 9800GT. Looking at the TDP really puts into perspective just how much they've pushed in the direction you're suggesting they push in.