HTC is gearing up for a go at GoPro, according to sources that also said the rugged camera will be on display at the Taiwanese tech company's Oct. 8 Double Exposure event in New York.

HTC has already begun issuing invites to Double Exposure, using invitation art that, in the spirit of the event's name, focuses on a smartphone's camera.

Several tech analysts reviewing HTC's invites have concluded that at least part of Double Exposure will focus on a high-resolution selfie camera on a new or reworked smartphone. HTC recently launched the Desire 820, which has an 8-MP front-facing camera, during IFA 2014 in Berlin. That suggests Double Exposure's biggest story may not be a smartphone tailored to lovers of self-portraits.

An individual asking to remain anonymous told Bloomberg that HTC would indeed unveil a phone that is a flattering chat camera, but the source also said the mobile device manufacturer would also introduce a new avenue to expand its business.

The source described HTC's incoming rugged camera as tubular in form and said it supports both Bluetooth and Wi-Fi connections. The waterproof GoPro competitor will feature a wide-angle lens and capture 16-MP video, said the source.

The action camera is said to be compatible with both Android and iOS. HTC will develop apps to help Android and iOS users better-leverage the rugged camera, according to the leaker.

Since going public this June, GoPro's stock has soared and the action camera maker has continually built on its success with new products. Meanwhile, HTC has struggled for years to remain successful as competition in China, the world's largest mobile market, has seen the likes of Xiaomi rise up along with the dominance of Samsung.

An Android pioneer, HTC was rumored to be nearing an agreement with Amazon that would offer it the chance to expand its shrinking market share. HTC was said to have been in talks with Amazon to develop a low-end Fire Phone before AT&T, fearing a loss of exclusivity, tore the deal apart.

HTC's rumored GoPro competitor would enable the Taiwan-based tech company to diversify its offerings, an effort that's expected to be bolstered by the release of a smart watch in early 2015. Despite claims suggesting HTC had given up on developing a smart watch, anonymous sources recently asserted that the wrist-worn computer was still in the company's plans and would see the outside world in 2015.