If latest reports are any indications, Microsoft is likely to launch the new smartphones in its Lumia product line very soon, probably this October.

According to Christian Today, some latest reports claim that Microsoft's next flagship smartphones, supposedly dubbed as the Lumia 940 and Lumia 940 XL, will be unveiled during the company's event in New York on Oct. 19. Quoting an anonymous source, Nokia Power User website posted this news first. This concurs with earlier rumors that forecast the Lumia 940 and Lumia 940 XL the launch date sometime in late September or early October.

There are rumors that that the Microsoft Lumia 940 XL may come with a 5.7-inch touchscreen display rendering a 1440 x 2560 QHD resolution. Moreover, it is expected to be powered by a Snapdragon 810 SoC, with an octa-core processor and an Adreno 430 GPU. Rumors further state that the device will also have 3 GB of RAM with 32 GB internal storage that can be expanded using a memory card. The Microsoft Lumia 940 XL is the larger Lumia flagship smartphone that is likely to sport a 20-megapixel PureView rear camera alongside a 5-megapixel front-facing camera. It is said to boast an iris scanner, a USB Type-C port and a stylus.

On the other hand, the Microsoft Lumia 940 will have almost the same specs as the Lumia 940 XL, but it is supposed to come with a smaller 5.2-inch screen. This device is expected to be powered by a Snapdragon 808 SoC rather than the Snapdragon 810 in the 940 XL. The Lumia 940 XL will also have a lower hexa-core CPU and an Adreno 418 GPU.

As far as the prices of the devices are concerned, it is rumored that the Microsoft Lumia 940 XL will cost $649, while the Lumia 940 will be sold for $600 upon release. However, as of now, Microsoft has not confirmed if there is any truth in these rumors.