The HTC One has just a few months on the market, but the company is reportedly planning to launch an updated version later this year.

Not only will HTC launch a refreshed HTC One, but the Taiwanese manufacturer is also gunning to launch its 2014 flagship, codenamed HTC M8, next year (the current HTC One flagship was codenamed M7). Further rumors also point to a plastic version of the HTC One.

The news comes from a Pocket-Lint report citing "a source familiar with the matter," who reportedly confirmed that the HTC One successor is known internally as the "M8."

"Starting with the plans for 2014, our source reports that HTC is already in discussions regarding the HTC M8, although it is using different codenames for the device with external contacts - presumably to keep things under wraps and try to cut down some of the leaks," reads the report.

"However, we've also been tipped off that HTC is looking at releasing an updated HTC One," Pocket-Lint continues. "While there's currently a run of software updates going through, it looks like HTC might be making some more-serious internal hardware changes to update the current handset."

While there are no details on what exactly HTC may change with the refreshed model, the publication further speculates a spec bump in terms of processing power. The current HTC One flagship packs a Qualcomm Snapdragon 600 and the company may be looking at the latest Snapdragon 800 chipset for the revamped HTC One, bringing it in line with the recently launched Sony Xperia Z Ultra.

This report may or may not prove to be accurate, but a refreshed version of the HTC One would make sense considering the company's scheme from last year. In 2012, HTC launched the One X as its flagship, then launched a refreshed version - the HTC One X+, a few months later. The HTC One X+ sported a new front-facing camera and chipset, as well as various tweaks to the Sense user interface, among other things.

HTC has yet to confirm any such plans, so for the time being it is advisable to take things with a grain of salt. There's a big chance that the HTC One will get a refreshed version later this year, but it's not for certain just yet.