If the latest reports are to be believed, Microsoft is working to launch its next flagship device called Lumia 940, after the Redmond, Washington-based tech giant finishes releasing a string of mid-range handsets, including Lumia 640, Lumia 640 XL, Lumia 540, Lumia 532, Lumia 430, and Lumia 435.

IB Times reports that though the upcoming Lumia 940 is expected to be released later this year, some reports claim that the company may announce the next-gen device as early as April 29. In other words, the highly-anticipated device may be released much earlier than expected.

It is expected that Microsoft will launch two variants of the Lumia 940 - one sporting a 5.2-inch display and the second dubbed as Lumia 940 XL with a 5.7-inch screen. This was reported by NokiaPowerUser via VMPowerUser. In addition, some reports have also hinted that the Lumia 940 will incorporate many feature upgrades over its forerunner, the Lumia 930. The expected upgrades will range from the device's screen size to processor to camera.

According to earlier reports, similar to its predecessor, Lumia 930, the Lumia 940, one of two upcoming Windows 10 phones, may possibly come with a 5-inch display. However, it seems that it has become a necessity to increase the screen size by .2-inch with a view to compete with many other phones with large screens from rival companies.

According to a report in NokiaPowerUser, "Lumia 940 may sport a 5.2 inch screen while Lumia 940 XL may have a 5.7 inch display. We hear that the rear camera sensor may swell to 24-25 MP from current 20 MP on Lumia 930. They will certainly feature a 5 MP or even higher MP FFC. We also hear some cool features like 3D-interaction, iris scanner and native pen support as part of the package."

The report further stated, "We know that Windows 10 for phones will bring support for Hexa-core and Octa-core processors. We don't have confirmed info about processor and display resolution as of now but Microsoft may go for bleeding-edge specs, we hear."