After the release of Microsoft's Lumia 550 smartphone line last month, rumors now claim that the tech giant will soon unveil the next smartphone device, dubbed the Lumia 650.

The International Business Times reported that a tipster posted a rumor on Twitter that the soon-to-be released Microsoft Lumia 650 with the code name Saana will be the last smartphone device from the company with 5.0-inch display. However, the tweet did not reveal more information regarding the upcoming device.

Other rumors about the alleged Microsoft phone revealed that Lumia 650 will be powered by a Qualcomm MSM8909 Snapdragon 210 processor. Qualcomm MSM8909 Snapdragon 210 processor or a 64-bit Snapdragon 410 processor with LTE support. It will also come with an 8-MP primary camera, 1 GB of RAM, and 8 GB internal storage that can be expanded using the device's built-in microSD slot.

If rumors turn out to be true, the alleged Lumia 650 device will allegedly come out on Jan. 4 next year. It may also be unveiled during the annual CES show in Las Vegas.

Meanwhile, the previously released Lumia 550 comes with 4.7-inch 720p LCD display and 315ppi resolution, a quick glance screen. It runs using the Qualcomm Snapdragon 210 chipset with 1.1 GHz quad-core Cortex-A7 processor and Adreno 304 GPU with 1 GB of RAM. The Lumia 550 smartphone also comes with a simple 2,100-mAh battery source. The Windows 10 Mobile-powered device has been getting rave reviews from numerous tech sites and gadget critics since its release despite being a midrange smartphone.

Also, the Lumia 550 has a 5-MP main camera with LED flash and 2-MP front-facing camera. According to GSM Arena, Microsoft continues to provide the hardware shutter key despite being considered an entry-level smartphone.