As Microsoft's Windows 10 operating system is fast approaching by July 29th this year, the software giant is reportedly planning to release two new smartphones, the Lumia 940 and the Lumia 940 XL, around the second and third quarter of this year, according to rumors.

Earlier reports suggested the Microsoft Lumia 940 and 940 XL will come out some time before the end of the year.

New reports that recently came up claim the two new smartphone devices will come out as early as July, possibly around the same time when the Windows 10 comes out.

The new Microsoft Lumia 940 and 940 XL is expected to come with the new Microsoft Windows 10 operating system, which will now compete against the dominant forces of the Android and iOS operating systems.

The two devices were announced by Microsoft last May, succeeding the previous model, the Lumia 930. The Lumia 940 handset is expected to have a 5.2 inch display screen while the Lumia 940 XL will sport a 5.7 inch screen.

Rumors say the Lumia 940 and 940 XL devices will come with very powerful rear cameras, possibly around 20 to 25 mega pixels. The two handsets will probably have a 5 mega pixel front-facing camera.

The Lumia 940 will pack Qualcomm's Snapdragon 808 processor, while the Lumia 940 XL might have the Snapdragon 810. The 940 handset will have 3 GB worth of RAM and the 940 XL handset will have 4 GB of RAM. according to rumors.

Recent reports also suggest that Microsoft is planning to launch the Lumia 940 XL with an iris scanning technology.

Companies such as South Korean firm LG Electronics and Japanese firm Fujitsu Ltd. are also launching their new devices with iris recognition technology.

LG's new G5 handset is expected to come with an iris scanner. While Fujitsu, on the other hand, had already launched the ARROWS NX F-04G, a new smartphone that comes with an iris scanner.