With Nokia out of the way, how will the next batch of Lumia smartphones be like?

Microsoft is busy preparing its Lumia line, Softpedia reported. According to the outlet, one of the upcoming devices expected to pack excellent hardware specs is the Lumia 940, successor to last year's Lumia 930.

The Lumia 940 is believed to arrive with Windows 10. That said, Softpedia is convinced that Microsoft pushes the new handset's release somewhere in the middle of 2015 -- given that Windows 10 and the Windows Phone 10 are eyed for a Spring launch.

Running the grapevine since 2014, here are five of the loudest-echoing rumors aimed at the device's specs and features.

1. 1080p Display

For the Lumia 940, Microsoft appears to get away from the booming Quad HD trend. As told by Phone Arena, the device is tipped to sport a 5inch 1080p display, protected by Corning's Gorilla Glass 4.

That seems to be a modest yet strong screen -- besides, less resolution means longer-lasting battery, so the Lumia 940 might still be in good position.

2. Snapdragon 805

The Lumia 940's processor is claimed to be Qualcomm's Snapdragon 805, TechRadar reported. This chip is said to be quad-core and clocked at 2.7GHz.

In addition, it's noted to be coupled with 3 GB of RAM. As you can see, this is three times that of Apple's iPhone 6 and iPhone 6 Plus.

3. Just a little thicker

Softpedia saw the Lumia 940 as "very similar" to its predecessor. Citing a leaked spec sheet, the outlet wrote the upcoming model's purported dimensions: 137 x 71 x 8.9mm. Weight is said to be 149 g.

For comparative purposes, the Lumia 930 came with a measurement of 137.0 x 71.0 x 9.8mm and a weight of 167 g.

If the allegation holds truth, the Lumia 940 appears to be 0.9 mm thicker than the 930; however, it's significantly much lighter by 18 g.

4. 24 MP PureView Camera

This could be the strongest contender for a spec rumored to pack in the upcoming Lumia model. Phone Arena wrote that this will be a new PureView camera generation worth 24 megapixels. On the other hand, its selfie snapper is rumored to capture at 5 megapixels, with 1080p capabilities.

The camera is eyed to record videos at a 4K resolution, capturing 60fps.

5. Price & Other Inclusions

The PC Advisor took note of other supporting specs, such as WLAN, NFC, USB 3.0 and Adreno 420 graphics. The outlet also believed that the new Lumia phone will "likely have a similar price" as its predecessor.

Are you excited to see the Lumia 940? Do you expect the similar specs for the actual phone? We'd love to hear your thoughts in the comments section.