Microsoft is looking to replace its Lumia 830 with a new Lumia 840 Windows Phone smartphone in the coming months, according to a new report.

The company has been quite busy recently with the launch of several devices, including the Lumia 640, Lumia 640 XL, Lumia 430 dual-SIM, and Lumia 540 dual-SIM. All of these devices are designed with budget-conscious shoppers in mind, and a high-end Lumia flagship is not expected until the second half of this year.

If a new report turns out to be accurate, a new mid-range Microsoft Lumia 830 will make its debut in the coming months to replace the existing Lumia 830. The handset will reportedly launch with Windows Phone 8.1 GDR2 on board, not the latest Windows 10 OS that will roll out this summer. Windows 10 is apparently reserved for the higher-end Lumia 940, which is expected to launch as Microsoft's 2015 flagship, alongside a Lumia 940 XL.

The latest news comes from Nokia Power User (NPU), which reports that Microsoft has already discontinued the existing Lumia 830 in India. More specifically, the handset is still available for purchase for now, but stock will not be replenished once it runs out.

The Lumia 840, meanwhile, will launch in the coming months, replacing the Nokia Lumia 830 (pictured above). The new iteration is rumored to sport a display of roughly 5 inches just like its predecessor, but feature notable improvements over the Lumia 830. In the camera department, for instance, the Lumia 840 will reportedly come with a 13- or 14-megapixel rear camera with PureView technology, paired with a 5-megapixel selfie cam on the front. The handset could also feature dual-SIM support, and pack a more powerful processor compared to its predecessor.

"So, we have some info about one such mid-ranger in works, that may pack Dual-Sim support, 13-14 MP rear camera (PureView), 5 MP FFC, better processor and may sport similar or slightly modified design to Lumia 830. While it is not sure what the name may be, we may call it Lumia 840 for our convenience. This device may have a screen size around 5-inch," an unnamed insider has told NPU.

No specific timeframe is available at this point for the Lumia 840 launch, but more information should come to light soon. Until Microsoft makes an official announcement, however, take all rumors with a grain of salt.