Microsoft is working nonstop to deliver new and innovative smartphones in the field. New reports are suggesting that the Redmond-based company is spending its time crafting four new Windows handsets, two of which will be the tech titan's flagships. 

For one, Microsoft may be busy with upcoming releases called the Lumia 940 and 940 XL. These new offerings are said to come in 5-inch and 5.7-inch displays, respectively, and 23- to 25-megapixel shooters. It is also believed that the pair will run Windows 10, the operating system the firm is working on at the moment. With the alleged Lumia 940 and 940XL running of what will be the newest Windows software, they are expected to pack hexa-core and octa-core processors, too. 

As far as display quality is concerned, Microsoft is said to be aiming for "bleeding-edge" specs so as to make the Lumia 940 and 940XL the true Windows flagships that they are. Moreover, the tech firm may also be including cool features like 3D-Interaction and an Iris Scanner to the devices. Lumia 940 and 940XL may be getting pen support, too.

The devices, which remain to be rumors at the moment, are estimated to be released in the third quarter of 2015. The presumption is based on the summer rollout schedule of Windows 10.

On the other hand, Microsoft may also be releasing a successor to the Lumia 830 in the future. The purported device, which is tentatively called Lumia 840, is said to parade an unchanged design but with a 5-inch display, a 13- to 14-megapixel PureView rear-facing camera and a processor newer than what the Lumia 830 has. 

Another handset the Internet calls 740XL will allegedly sport a 5.5-inch or 5.7-inch screen and a back camera that is set around 13- to 14-megapixels. No more information about this smartphone is available.