Microsoft is scheduled to conduct its next big event on Tuesday, May 2, but those who are waiting to hear the official details about the rumored Surface Phone may be in for another disappointment.

According to reports, the highly anticipated smartphone device from Microsoft will not be unveiled in the upcoming company event. It also appears like the Redmond-based tech giant has no plans to unveil the rumored smartphone anytime soon.

Talks about the tech giant's plans to release a new smartphone in the already tough mobile market competition began when Microsoft CEO Satya Nadella mentioned their plans in an interview with Australian Financial Review back in November 2016. According to Nadella, they plan to continue joining the phone market even if they try to veer away from the norms set by the current industry leaders.

"Therefore [with Nokia assets], we stopped doing things that were me-too and started doing things, even if they are today very sub-scale, to be very focused on a specific set of customers who need a specific set of capabilities that are differentiated and that we can do a good job of," the company CEO stated.

However, speculations claim that the highly anticipated smartphone from Microsoft may not be a smartphone after all.

According to reports, it would be impossible to think that Microsoft is taking a long time before it releases a new smartphone since it has all the capabilities of making one. It is speculated that the tech giant might be plotting to come up with a new device that comes in a form of a smartphone or a phablet, but it could possibly have more PC-like functions to set it apart from the competition.

Despite the many rumors, Microsoft continues to keep the details about its planned Surface Phone under wraps at the moment.