Terry Myerson, Microsoft’s executive vice president of the Windows and Devices Group, revealed the company will unleash premium Lumia smartphones very soon. Rumors are rife that the Redmond, Washington, giant would be announcing the Lumia 940 and the Lumia 940 XL at the forthcoming IFA 2015 event to be held in September.

At the Worldwide Partner Conference in Orlando, Florida, Myerson said last week, the company would focus more on Lumia handsets, which will run on Windows 10 Mobile OS, WM Power User reported.

BloobBerg reported earlier CEO Satya Nadella said the company would be releasing three types of Lumia handsets beginning next year: budget phones, business smartphones and flagship handsets. It will be rolling out one or two devices from each category. Microsoft also plans to limit releases to six Lumia devices a year.

As far as future Lumia handsets for this year are concerned, it is not known whether Microsoft will be announcing the Lumia 940 and the Lumia 940 XL or a Surface Phone.

Microsoft announced the Lumia 730 and the Lumia 830 midrange smartphones at the IFA last September. Microsoft is scheduled to make an announcement at this year's IFA in Berlin, Sept. 4 at 3 p.m. CET (10 a.m. EDT). It is expected to a release wide range of Windows 10 devices, Phone Arena reported, leading to rumors the Lumia 940 and the Lumia 940 XL will be unveiled then.

The Lumia 940 is expected to feature a 5.2-inch display, a Snapdragon 808 chip, 3 GB of RAM and 20 megapixel PureView technology powered rear camera. The Lumia 940 XL will be its larger sibling featuring a 5.7-inch display supporting Quad HD resolution, a Snapdragon 810 chipset, 3 GB of RAM and 20 MP PureView rear camera.