Microsoft's foray into the phone industry hasn't been stellar so far, but the rumors and recent news reports revealed that the company will release another Surface phone into the market sooner than later.

Admittedly, the source of the rumors got his info from second-hand information as well-and from a subway conversation no less.

Apparently the tip came from Windows employee who shared the plan with a fellow subway passenger wearing a Microsoft Band. Now if the news is true, the third-generation Microsoft Band will be released soon, while the Microsoft Surface Phone will roll out next year.

But previous news reports have placed the Microsoft Surface Phone release date as early as October this year.

According to the rumored specs, it's going to come in a 6-inch display (presumably 4K), with a monster 8 GB of RAM and about 500 GB of internal storage. It will also have a Surface Pen and Surface Dock. As to the price, the smartphone will reportedly cost between $699 and $1099.

A report from The Register quoted Microsoft's VP for Windows, Kevin Gallo, as saying that they are very optimistic about the prospects of the Surface Phone.

"Windows Phone is fully supported," he said during the Build Tour in London in June this year. "We're fully behind it. We're not abandoning the phone. There's really no change in what our direction or strategy is with respect to releasing the Windows Phone software"

Watch out for more news and rumors regarding the Microsoft Surface Phone which will be published here when they come along.