Once recognized as the mobile industry's beast, Nokia's original phone division has been sold to Microsoft in 2013. The following year, the software giant decided to cut the Nokia branding off the next Lumia smartphones.

This time, however, a report suggests the return of Nokia in the smartphone arena. Two unnamed sources have tipped Re/code about the company's comeback, along with other interesting projects such as those aimed at virtual reality.

Behind the initiative is Nokia Technologies, Re/code said, the smallest of the three businesses that lingered after the Microsoft deal.

Smallest may not always be the least, as Nokia Technologies critically controls over 10,000 patents, the AppleInsider noted. According to the outlet, the division has produced two products on its own: an Android app called "Zlauncher" and an Android tablet design called "N1."

Apparently, Nokia Technologies survived out of the office of the CTO under the old Nokia, Re/code indicated. The division eventually brought Ramzi Haidamus, former Dolby Labs executive, as president. It operates in California, England, including Finnish cities of Espoo and Tampere.

Re/code took note of Richard Kerris' remarks, a former Nokia executive, who said, "They have a lot of great stuff in development... It gave me complete confidence that Nokia is a company that is not going away."

As part of Nokia's deal with Microsoft, new Nokia phones could arrive the earliest in Q3 2016, the AppleInsider wrote.

Stephen Elop, Nokia's former CEO, had predicted the future few years back. In 2011, the Daily Mail took note of his words, "There is intense heat coming from our competitors. The first iPhone shipped in 2007 and we still don't have a product that is close to their experience... If we continue like before, we will get further and further behind, while our competitors advance further ahead."

Elop then advised his staff, "We will get through this as quickly and transparently as we can."

Meanwhile, Nokia's recent deal with Alcatel-Lucent could provide the company better exposure to the North American market, The Motley Fool said, considering AT&T and Verizon's major contracts with the latter. The French rival has been acquired by Nokia for $16.6 billion.

The Motley Fool is convinced that the acquisition is a logical move, since Nokia is seen to "diversify its portfolio," among other advantageous considerations.

Are you looking forward to Nokia's return in the mobile arena? What do you think of the company's past decisions?

Sound off in the comments section.