While tech giants Apple and Samsung are stealing all the limelight with a plethora of speculations about their upcoming successors of smartphone models -- the iPhone 5 and Galaxy S3, the Finnish phone manufacturer Nokia has plans to dent the smartphone arena with its giant offering sometime later this year.

Only this Sunday, Nokia has launched the smartest of all Windows phones, the Nokia Lumia 900 in an attempt to capture market share and lure the customer toward its vivid and beautiful looks. And now reports have leaked that the company is secretly working on its first Lumia smartphone which will feature Pureview camera technology and the latest version of Microsoft's Windows 8 (Apollo).

Back in February, at the Mobile World Congress in Barcelona, Nokia unveiled Pureview technology, which was debuted on the Symbian powered Pureview 808. But the Symbian OS is far behind when compared to the capabilities of Android and iOS devices.

According to recent reports by a news website, IT168.com, Nokia has integrated this technology in the unannounced Lumia PureView smartphone that will come packed with an impressive 41-megapixel camera with Carl-Zeiss lens and PureView imaging technology, which can capture full HD (1080p) videos with Nokia's Rich Recording Technology. Furthermore, the smartphone would sport a large 4.3-inch capacitive touchscreen (curved glass) display that supports HD resolution (no other details are available). On the inside, the Lumia PureView would be equipped with some kind of dual core processor manufactured by Qualcomm and an Adreno 320 graphics processing unit.

Further, the reports by AndroSym highlighted the fact that there is only one processor that features the Adreno 320 GPU, and that's the new Qualcomm MSM8960 Pro Snapdragon 4 with 1.5 GHz dual core Krait processor.

Latest reports by Softpedia suggest that MS Nerd had tweeted Nokia's plans for United States' smartphone market and according to him, the Finnish company plans to release a flagship Windows Phone 8 device for Verizon Wireless.

As per reports, the smartphone will be released sometime this fall and will include Nokia's PureView technology along with a ClearBlack HD capacitive touchscreen display.

Well, with all these consistent features, the yet-to-be revealed Lumia PureView does not sound as if it is a fake product, besides, it seems to be a true competitor against the third generation Samsung Galaxy smartphone and the sixth-generation iPhone.

IT168 has confirmed in its report that the phone that appears in these pictures is just a concept design, which means the final product may look entirely different and they also noted that the shots were taken during a Nokia presentation.

Talking about the specs of the iPhone 5, latest rumour has it that the next gen iPhone would boast a sleek unibody structure accompanied by 4-inch screen display instead of 3.5-inch screen size and will also have a Quantum Dot LED curved glass edge-to-edge display with 1280 x 720 resolutions (367ppi). iPhone 5 would also include an 8 megapixel (or even higher) camera with the ability to take pictures in the panorama mode, a 2 megapixel front-facing camera for video chatting, iOS 6, 4G LTE technology, Near Field Communication (NFC) technology and much improved battery life. It would be powered by an A6 chip with a superfast 1.2 to 1.5 GHz processor with 1GB or more of RAM  with an update to iOS 6.0.

And if rumors are to be believed, Samsung Galaxy S3 will sport a 4.7-inch Super AMOLED Plus display with 720p resolution. It will boast a super fast processor, possibly quad-core Exynos CPU clocked at 1.8 GHz and it is also expected to come with 2GB of RAM and 32GB of internal storage.

Giving expandable memory options, S3 would also support a microSD card up to 64GB. Samsung's next generation line up will run on Android Ice Cream Sandwich 4.0 with TouchWiz overlay. And it may also get a spectacular upgrade from an 8 megapixel camera in Galaxy S2 to a powerful 12 megapixel camera that would record 1080p videos at 60fps in its upcoming flagship model. Further, latest rumors suggest that S3 is also coming up with a Home Button and a 5 column modified Note like user interface.

Well, do you think the new Nokia Lumia PureView, if announced, will stand up to the challenge against Apple's and Samsung's super releases this year? Or is it just another Windows phone addition in the market by Nokia? Do share your thoughts.