Could Microsoft loyalists finally look forward to a long-awaited successor to the Lumia 1020?

There are circulating rumors right now that a new device believed to be the Lumia 1040 could be in the works. And if true, it may likely come out this year at the IFA 2015.

It has also been two years since Microsoft launched the Lumia 1020 and this should be welcome news to the ones looking forwards to seeing its successor. There were plans to unveil a Lumia 1030 but all these were scrapped.

For those who are unaware of the Lumia 1020, it featured a 4.5-inch AMOLED capacitive touchscreen display (768x1280 pixels) protected by a Corning Gorilla Glass 3. It was powered by a Qualcomm Snapdragon S4 processor (1.5 GHz) and ran on Microsofft Windows Phone 8.

The Lumia 1020 had an option of either 32 or 64 GB of storage, 2GB of RAM, and a 41MP main camera. It also had a 1.2 MP front-facing camera and a non-removable 2000 Li-on battery.

With those which can possibly be used as base specs for the supposed Lumia 1040, the only thing that could seem feasible right now is that the said device would be coming out with a high spec camera – at least 50MP.

Further supporting this possibility is a shared photo by Evan Blass (@evleaks) which many believe is the successor of the Lumia 1020. The blurred image shown via Twitter shows the alleged phone's camera with big lens, seemingly showing a tri-colored LED flash.

Be reminded that all these are rumors though a lot of people who may have looked forward to the Lumia 1030 are bound to be interested.

Right now it seems that the 50MP camera is the only thing to look forward to and we may have to wait until September to see if the said device is indeed coming out at IFA 2015.

For now, we can just speculate what it could possibly come out with, using the base specs of the Lumia 1020 as a starting point.