Finnish manufacturer Nokia is planning to release its latest gadget that would rival Samsung's upcoming phablet Galaxy Note 3.

The new smartphone dubbed as Juggernaut may join the bandwagon and will be released as a phablet, reports said.

The Finland-based phone maker is currently working on a big-screen smartphone, designed as a Windows Phone rival for the upcoming Samsung Galaxy Note 3, an unnamed source of the Financial Times said in a recent published report.

The new Nokia phablet will not only bring a 5-inch or bigger display, but it will also pack a more powerful hardware platform, which allows us to speculate that we might actually see a stylus with different sensitivity levels and apps optimized for drawing or handwriting.

The Nokia will launch the highly anticipated Windows Phone-powered smartphone with 41 megapixel PureView camera synchronized with the debut of the new phablet sometime in July, the FT source further explained.

Meanwhile, a lighter and a more compact version of the Nokia Lumia 920 is also on its way, bringing better specs by July, while the fall will bring us a Nokia Lumia 920 price cuts.

Samsung Galaxy Note 3 is expected to make its debut in the third quarter of this year. Rumours point to possible September release date. There are speculations that Samsung will hold the announcement of the Note 3 on the annual IFA event in Berlin. The said launch will allow Samsung to maximize its profits and to complete the tried-and-tested September product cycle of the Galaxy Note series.

It is initially speculated that the Samsung Galaxy Note 3 would make its grand debut at the 2013 Mobile World Congress in Barcelona next week in its keynote. The rumours are fuelled by the significant price drop of the Samsung Galaxy Note 2 at some resellers early this month.