Microsoft has finally spilled the beans on its eagerly awaited Windows Phone 7.8 OS release. The Redmond-based company announced that its Windows Phone 7.8 would be available for existing Windows Phone 7.5 owners in "early 2013."

Plenty of speculations and rumors surrounding the OS' release have been doing the rounds on the Internet, with the company's VP of Greater China letting on that Microsoft intends to roll out Windows Phone 7.8 to the region in the "coming weeks." Rumors were also rife that the Windows 7.8 would launch on Nov. 28.

However, all this while Microsoft had kept mum, and on Wednesday, Nov. 28, Microsoft's Terry Myerson, Corporate VP Windows Phone, took to the company's official blog to make the much-awaited announcement.

"We know you're eager to get the Windows Phone 7.8 update, and we want you to know that we're working closely with our hardware and carrier partners to get it tested, approved, and rolled out to as many devices as possible in early 2013. As we work to quickly get this in the hands of our loyal users, we're also striving to deliver a high-quality release and ensure a smooth transition for our widely expanded services," noted Myerson in the blog post.

The Windows Phone 7.8 OS will bring exciting new features like resizable Live Tiles to older handsets like the Lumia 900 (on which the company tested the new build), additional theme colors, new lock screen feature, and more.

"New models running Windows Phone 7.8 are beginning to launch in many countries around the world, strengthening the ecosystem by bringing more Windows Phones to more people. These devices will typically be sold at a range of lower price points, meaning there will now be Windows Phones for everyone's budget and need. This is incredibly important for broadening the reach of Windows Phone across the globe and ensuring we have the right product for every market," averred Myerson.

Myerson also let on that the Windows Phone 7.8 "also expands the number of markets where customers can buy apps and use the Xbox service." Currently, the testing of the rollout is ongoing,

With Windows Phone 7.8 set for an "early 2013" debut, existing users of Windows Phone 7.5 can rejoice as this time round the news is straight from the horse's mouth.