The LG V10 will soon have company as the next-gen YotaPhone is expected to boast a dual-screen as well.

Fans of the YotaPhone and the YotaPhone 2 will be pleased to learn that YotaPhone 3 is currently in the works and is slated to launch in 2016 per reports. It will allegedly sport a price tag of $550, which is in the same range as the previous iteration.

The news comes courtesy of Bloomberg which also reveals that Yota Device's CEO Vlad Martynov has divulged that the company aspires to reach sales of over 1 million units each year globally. Per the publication, over 50 percent of these sales could potentially come from China.

Currently, 65 percent of Yota is owned by an investment firm from Hong Kong. Yota is slowly expanding its presence in China in a bid to thwart Apple. The YotaPhone came into the limelight when Russian president Vladimir Putin presented the handset to Chinese president Xi Jinpin.

Rumors have been rife that the company will be teaming up with ZTE for the YotaPhone 3 and this is affirmed by the current report.

"After selling a majority stake to a Hong Kong-based company, Yota wants to make its device more affordable by partnering with Chinese manufacturers including ZTE Corp. to sell the YotaPhone 3 for about $550 when it debuts next year," reports Bloomberg.

The features and specifications of the impending YotaPhone 3 are clouded in mystery as of now. However, it is believed that the device will also have a dual screen like its predecessors. The primary display will be on the front and the e-ink display will be at the rear of the handset.

While the YotaPhone 2 did not release in the United States as previously reported, it is expected that the YotaPhone 3 will make its way to the country.

The time window for the YotaPhone 3's release is not known, but it is anticipated that the device would likely be announced in H1 2016 as the YotaPhone 2 was introduced in February (and released in December).