Microsoft's Lumia 940 has been the subject of long-standing speculations churned in the rumor mills. There's no denying that its predecessor, the Lumia 930, has lived up to expectations, with Mirror even calling it "the best smartphone you have probably never heard of."

At this point, the expected Microsoft handset makes another tour in the grapevine, following the release of concept renders that pegged monstrous specs under its hood. Interestingly, we're also treated with the purported Lumia 940 XL.

International Business Times took note of design renders created by Ryan Smalley. He is also credited for crafting renders of the Lumia 935.

In Smalley's vision, the Lumia 940 comes with a 5-inch display, owning a Quad HD resolution of 2560 x 1440 pixels, Phones Review noted. Its main camera is touted to capture at a whopping 20 MP, supported by PureView technology, optical image stabilization, high-resolution zoom and Xenon flash.

Meanwhile, the obviously-larger Lumia 940 XL is speculated to own a 5.7-inch display. Its alleged camera, however, is even more noteworthy, as it's touted to shoot at 40 MP. That's definitely a beast, considering that support features such as PureView, OIS, high-res zoom and Xenon flash are likewise expected.

It's also quite apparent that the renders ditched bezels once and for all, offering a more premium and futuristic look to the devices.

In addition, IBT said the handsets are expected "to be wrapped in an aluminium chassis along with a polycarbonate or plastic enclosure."

Finally, it's important to point out that Smalley's concepts made specific mention to Windows 10, the devices' expected operating system at launch. Followers would remember that no flagship Lumia smartphone may be out without Windows 10 up and running.

Neil Broadley, Microsoft's Director of Phone Marketing, said in a statement, "We remain completely committed and focused on new flagship products."

"That said, certainly we believe the best time to bring those flagship devices to market is when we have our very latest flagship software experience available. We're focusing our flagship development for slightly later when Windows 10 is available," Broadley assured.

As previously reported, rumors have it that the Lumia 940 will come with a 5-inch full HD display, Gorilla Glass 4 protection, 2.7 GHz Snapdragon processor, 3 GB of RAM and support for Gobi global LTE, WLAN, NFC, Wi-Fi dual band AC and USB 3.0.

It is also expected to arrive with the Mixview feature, 24 MP PureView camera, 5 MP front snapper, an iris scanner, a docking station and 32 GB, 64 GB and 128 GB storage options.

With regards to pricing, the device is predicted to sell "likely" as its predecessor.

To check out Ryan Smalley's renders, visit his Behance profile here.