If the rumors hold true, don't expect a Microsoft Surface phone release date this year. As to the price and specs, we will only be limited to what's being passed around as the Redmond-based company has not confirmed any of the reports concerning its latest flagship.

Microsoft has scheduled a big event on Oct. 26, one day ahead of Apple's own event, where it's rumored that the Surface All-in-One and the Surface Book 2 will be launched. Also, it's speculated that the company will also announce the Windows Redstone 2 update at the event.

But will it also be the day the Microsoft Surface phone will be unveiled?

A report from ZDNet claimed the rumors couldn't be further from the truth as Microsoft Surface phone won't be released this year. In fact, the company is not launching any smart phone until late next year, or even 2018.

If so, that's going to be a long wait for the smart phone.

Nevertheless, the rumored Microsoft Surface phone specs include:

- 5.5-inch AMOLED display with 1440 x 2560 pixel resolution

- Intel Kaby Lake chip

- Qualcomm Snapdragon 830 processor

- Windows 10 Redstone 2 OS

- 4GB or 8 GB RAM, along with either a 64GB or 128GB of storage (expandable through microSD card)

- 21 MP main snapper, 8 MP front cam

- USB Type-C port

As to the price of the Microsoft Surface phone, it will reportedly range between $700 and $1,100.

Of course, all these specs, price and release date for the Microsoft Surface phone should be considered rumors for now without official confirmation from the company.