Following the fall of Microsoft's Lumia flagships, the tech giant is now on its way to what is considered as the most ambitious dream yet: the Microsoft Surface Phone, which is rumored to come in three RAM-storage variants.

Ever since the Lumia somehow failed to get the attention of consumers, analysts have been predicting that Microsoft will bounce back with a new and improved device next year. Though there has been no official word from the company, the Surface Phone has become a hit on the internet over the past few months.

Consumers not only look at design and quality of pictures but many now opt for variations in storage options. According to The News Independent, recent reports suggest that the Surface Phone will come in three variants.

The Basic version is expected to sport 4GB of RAM with 64GB of storage, while the Advanced edition will come with 6B of RAM and 128GB of storage space. Finally, the Pro edition is speculated to feature a whopping 8GB of RAM and 512GB of storage, putting it in line with some laptops and tablets hot in the market these days.

While fans are ecstatic to hear more about the rumored smartphone, it is said that Microsoft will release its next flagship by 2017. According to The Christian Times, the alleged reason behind the 2017 launch is because the company is waiting for Qualcomm's Snapdragon 830 processor to come out.

Since the Surface Phone is expected to come with the Snapdragon 830 processor, fans will probably see the device released by the first quarter of 2017.

In other reports, it is said that the new Microsoft smartphone will be the first handset with a 10nm mobile processor, which is more powerful than some devices from top mobile phone providers in the industry.

There has been no clear statement regarding the Microsoft Surface Phone's development but many have high expectations of the upcoming smartphone that is sure to make noise once it arrives.