To revive its smartphone business, Microsoft is highly pegged to release a Surface branded smartphone with Windows 10 Mobile OS onboard.

The Redmond giant has long been speculated to be working on a Surface Phone in three different variants.

Microsoft Q3 2016 quarterly earnings revealed that the company’s Lumia sales dropped by 73 percent as compared to the previous year. The tech giant is said to discontinue its Lumia series and announce a refreshed Surface branded smartphone line-up in early 2017.

More precisely, the purported Surface Phone release date is slated for April 2017.

Microsoft, however, has not yet announced the official release date of Surface Phone, which is believed to replace its Lumia series. The three variants released in different price points would reportedly help Microsoft to reach out to a wider market.

There are speculations that the upcoming Surface Phone will house the next generation of Snapdragon processor under the hood. The successor to the Snapdragon 820 chipset, the upcoming top-of-the-line Snapdragon 830 processor, could reportedly support up to 8GB of RAM.

The new lineup might also come with support for Microsoft Pen technology and Continuum. According to Forbes, the Surface Phone would come with more memory and significantly enhanced graphical performance.

Related: Microsoft Surface Phone may sport Snapdragon 830 processor-- reports

The launch of the Surface Phone will apparently correspond to the Redstone 2, the second major software upgrade after the Windows 10 Anniversary Update, expected to be released in July 2016.

In related news, the Windows 10 Anniversary Update will be free for all Windows 10 users, confirmed Terry Myerson, executive vice president of Windows and Devices Group at Microsoft, in a blog post.

The update will bring in Windows Ink integrated into Maps, Microsoft Edge and Office; Windows Hello introducing biometric security to Windows apps and Microsoft Edge browser; smarter and proactive Cortana and Dark Theme for those who do not prefer brighter desktops.

The Windows 10 Anniversary Update will also introduce Cortana as the new personal gaming assistant for Xbox One users.