Nokia has now confirmed that they are indeed set to make a return to the mobile phone market.

However, Nokia is looking to rejoin the mobile phone market on their own terms. For now, that will include looking for a partner company that is capable of handling several aspects of launching a new device.

Any arrangement with Nokia will likely require their partner to handle certain areas involved in launching the device. Such may include distribution, manufacturing, marketing, and providing technical support, according to Telegraph UK.

A similar arrangement was in place the last time Nokia launched a device, which was an Android tablet known as the Nokia N1.

As for what would ultimately be Nokia's role in developing the new device, the company would most likely be the one providing its overall design, its features as well as its logo and licensing.

Nokia's latest announcement comes in the wake of news that one of its previous business partners, Microsoft, is planning massive layoffs said to be at around 7,800 jobs. Last year, Microsoft purchased Nokia's phone business for a sum of $7.2 billion. Microsoft is said to be writing down assets in the neighborhood of $7.6 billion, stemming largely from their failed venture with Nokia's devices, according to CNet.

Interestingly, as part of its deal with Microsoft, Nokia is not allowed to make its return to the smartphone business until the fourth quarter of 2016 at the earliest, which coincidentally, is the time frame most have earmarked for a new Nokia release.

Nokia has also said that although they do indeed plan to make a return to the smartphone market, that there is still no guarantee at this point. It is also unknown if Nokia has already begun talks with potential partners for building a new device.