Rumors of an HP smartphone have been around for quite some time and now it seems that the company may launch a Galaxy Note-like handset next week.

The HP smartphone will reportedly run Android and launch in more than one market, sporting a $200 price tag unsubsidized.

The new report comes from 9to5Google, which claims to have learned from HP insiders that HP may launch a large-screen smartphone resembling a Samsung Galaxy Note. The sources told 9to5Google that this handset would launch for $200 in emerging markets and it could hit retail as soon as next week. It remains unclear at this point exactly which countries would get this smartphone once it makes its debut.

"We're hearing that the device resembles the 5.5-inch Galaxy Note with obvious cost cutting measures to get the device down to the $200 price point," notes the publication. "With HP's Slate Android products, the company cut costs by using low pixel density displays so having a 720P display would seem about right and put it on a collision course with Samsung's Galaxy Mega line with its 6.3-inch display and current street price of around $400."

Consequently, the upcoming Android smartphone from HP may sport a 5.5-inch display with a 720p resolution in order to keep the costs down. While the sources indicated a launch next week, 9to5Google points out that delays are always possible, especially with no official announcement issued for the device.

HP was previously rumored to be working on tablet-sized devices that would sport phone capabilities as well, boasting a large screen size of about 6-7 inches. Such devices were expected to launch in emerging markets such as India, China, and others such, selling for around $250 off-contract. Those reports, however, pointed to a launch by the end of 2013, and that obviously did not happen.

As HP is yet to make an official announcement, we'll have to file this in the rumor category for now as well. If the company does plan to unveil a Galaxy Note-like Android smartphone next week, we'll hear more about it soon enough. Stay tuned for more details as soon as they become available.