So far we have only heard about it and probably seen images of it leaked on to the Internet. Now it looks like we might actually have it to hold in our hands.
We are talking about the Nokia Corporation (ADR)(NYSE:NOK) Lumia 510 which runs on Windows Phone 7.8 operating system and was supposed to be launched last year itself.
The latest information about it is that it might launch soon accordion to some status update on Nokia India's Facebook page.
Complete with screenshots of the device, the Facebook update asks customers to 'stay tuned' and that an announcement is imminent.
So far the information gathered about the Nokia Lumia 501 suggests the following specifications - 4-inch LCD display, 5 megapixel camera, 800MHz Qualcomm MSM7227A processor, 256MB of RAM, 4GB of storage and supports the GSM/WCDMA/HSPA networks.
Since it is the Nokia India Facebook page which has been carrying the recent teasers, it may be safe to assume that the device will be sold in emerging markets in Asia such as India and China and probably other places as well.
The Finnish handset maker might start selling it by the end of the month to coincide with the festival season in India, when customers will be looking to buy new gadgets and devices.
According to various reports and rumours, the Lumia 510 is expected to be priced around $150 mark, which makes it a very affordable handset in emerging markets.
The European mobile phone maker is set to launch its smartphones Lumia 910 and 810 in early November, both of which devices will be running on Microsoft's latest operating software Windows Phone 8, scheduled to be launched this week.