It was earlier reported that Microsoft would release two new flagship smartphones later this year. Although, leakers and fans alike can't seem to decide what to call the upcoming offerings since information on the devices have been vague.

The devices were first rumored to be the Lumia 940 and the Lumia 940 XL. Then, tipsters corrected themselves and said the devices are to be called the Lumia 950 and the Lumia 950 XL. The initial release date of the device wasn't even fully elaborated upon. Rumors merely spoke of a October 2015 unveiling.

Now, a recent rumor has surfaced claiming that Microsoft's new flagship smartphones will in fact be called the Lumia 940 and Lumia 940 XL. The rumored specs of the devices haven't changed, meaning the names they will eventually end up with don't matter as much for now. What does matter now, though, is that a press date and the rumored prices of the devices have been revealed.

According to sources from Nokia Power User, the Lumia 940 and Lumia 940 XL will be showcased at a press event in New York on October 19. The news corroborated on a previous report, which claimed that the Surface Pro 4 and Microsoft's Band 2 will also be sharing the spotlight with the two new handsets at the event.

The site's sources said the devices will be released shortly after the event. The Lumia 950 is rumored to cost fans $600 while the bigger Lumia 940 XL price range will hover around $649.

This new rumor should not be taken too seriously as Microsoft has yet to officially confirm on the upcoming products they will be launching this October.

For the time being, Neuro Gadget has the scoop on the rumored specs of Microsoft's upcoming flagship smartphones.

Both devices will allegedly have a built-in Windows 10 operating system, making them the first pair of smartphones to run Microsoft's latest OS. Both will have a matte polycarbonate cover, which could either be black or white. Both smartphones will also be equipped with an Iris scanner for Windows Hello.

Individually, the Lumia 940 will include these specs:

  • 5.5-inch WQHD 1440 x 2560p OLED display
  • 64-bit Hexa-core Snapdragon 808 processor
  • 3 GB of RAM
  • 32 GB built-in storage with microSD expansion
  • 3000 mAh battery
  • 20 MP Pure View main camera
  • 5MP wide-angle selfie shooter

On the other hand, the Lumia 940 XL will boast the following:

  • 7-inch WQHD 1440×2560p OLED display
  • 64-bit Octa-core Snapdragon 810 processor
  • 3 GB of RAM
  • 32 GB built-in storage with microSD expansion
  • 20 MP Pure View main camera with triple LED flash feature
  • 5MP wide-angle selfie shooter