Nokia's Lumia 1030 is not going to be released in the market anytime soon.

The Nokia Lumia 1030 was rumored to be the first smartphone to feature a 50MP rear camera. It was expected to come out in the fall of 2014 after several purported photos of the device surfaced on Chinese websites, according to Franchise Herald.

But senior Verge editor, Tom Warren, put the rumors to rest when he shut down the news referring to the apparent existence of the smartphone. In a tweet, he announced, "There is no Lumia 1030 right now. The leaked device is the canceled Nokia McLaren. It was never a 50-megapixel camera, just around 20MP."

Nokia Lumia 1030 rumors

The Nokia Lumia 1030 was said to be equipped with a 5.8-inch touchscreen display featuring 1440 x 2560 Quad HD pixel screen resolution. The 50MP camera of the device or 41MP PureView camera was reported to feature LED and Xenon flashes. Its secondary front-facing camera, however, was rumored to be at 8.7MP.

The device was also rumored to possess a Snapdragon 805 processor3 GB of RAM, an option of 32GB or 64GB internal memory, as well as an impressive 4300 mAh battery. According to Christian Today, these specifications claim that the Lumia 1030 is a huge improvement of its predecessor, the Lumia 1020. The 1020 was the "first high-end phone from Nokia."

"The canceled Nokia McLaren was under development for quite a while before it was leaked. However, the company reportedly decided to abruptly stop its development and cancel the product for no apparent reason," Christian Today reports.

Fans of Microsoft smartphones will have to wait for any official statement regarding the company's upcoming devices. Franchise Herald reports that there is a huge chance that Microsoft will announce a new flagship phone model in the Mobile World Congress or MWC in Barcelona, Spain, in February 2015.

On the other hand, there are also rumors claiming that Microsoft is not planning to release new flagships at MWC 2015 and "will instead focus on the low and midrange, with a new Lumia 6xx and a Lumia 3xx or 4xx likely to be unveiled," Tech Radar reports.

Tech Radar adds that the low-end Microsoft phones tend to sell in the market better than the company's high-end smartphones. If there's any truth to rumors about the company's alleged decision to delay the launch or put a stop on the production of its flagship device, Microsoft will have nothing to compete against Samsung's Galaxy S6, HTC's Hima, and Apple's iPhone 6 and 6 Plus.