Microsoft has announced that its much-awaited General Distribution Release update 3 (GDR3) for Windows Phone 8 (WP8) will be rolled out in the "coming weeks."

GDR3 is the third major update since WP8 made its debut in fall 2012. This software update will enable support for quad-core processors as well as Windows phablets that have bigger high resolution displays.

"The new update paves the way for future Windows Phone devices with 5- and 6-inch touch screens. The larger, 1080p HD displays on these devices will make Windows Phone even more personal-for example by sporting jumbo-sized Start screens with room for six Live Tiles across instead of four," notes Darren Laybourn, Microsoft's VP for Windows Phone

The GDR3 update is expected to add several new features and bring improvements to existing Windows Phone devices, which include a customizable Driving Mode, Wi-Fi access out of the box, improved Internet sharing and more.

Microsoft did not reveal a specific roll out date for the GDR3 software, but mentioned it will be pushed out in the coming weeks and since the update will be in phases, it will continue over a few months.

"The rollout initially kicks off in the coming weeks and will continue over several months. Specific timing depends on a number of factors including your carrier and phone model," per Laybourn.

However, per Gartner analyst Carolina Milanesi, Microsoft's announcement coincides with the expectant launch of the alleged first-ever Nokia phablet, the Lumia 1520 aka Bandit, which is set for an October 22 launch in Abu Dhabi.

The Lumia 1520 will also have the distinction of being the first WP8 phablet and sports a 6-inch display, which will be bigger than the 4.7-inch display on the Nokia's Lumia 625, which is currently the biggest WP8 smartphone around.

The GDR 3 update will not only bring more powerful hardware support but also new accessibility features. The new Mobile Accessibility feature, a suite of apps, will be "designed to make Windows Phone easier to see, hear, and use."

The update will also adds a Rotation Lock option, which will keep the display fixed even when the device is rotated. New storage management options will enable users to view files and apps based on how much space they're utilizing.

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