Windows Phone fans have been waiting for Microsoft to release a new flagship smartphone. The Lumia 940 is expected to be that device, and an image of its rear camera with triple-LED flash has just leaked.

While Apple and Samsung battle it out in the high-end smartphone game, Microsoft has seen most of its success come from its mid-range and budget handsets. The Nokia Lumia 520, which was released in April 2013, had sold over 12 million units when Microsoft announced it was the company's best-selling smartphone and revealed sales numbers for the first time in July 2014.

As Microsoft prepares to roll out its next desktop OS, Windows 10, on July 29, the company is also putting the finishing touches on its smartphone equivalent OS, Windows 10 Mobile. The updated OS is rumored to be released in September and will be able to run on any current Windows Phone 8.1 smartphone.

It only makes sense that Microsoft would also like to have new flagship Lumias to be the launch vehicles for the new OS, and those devices are expected to be a pair in the form of the Lumia 940 and Lumia 940 XL. The handsets are expected to feature similar high-end specs, and as the Lumia 940 XL's name implies, it will be a phablet.

The always-reliable tipster, @evleaks, posted a blurry image of what is reportedly the Microsoft Lumia 940 and a close-up shot of its rear camera. The camera appears to be sporting a triple-LED flash and is believed to be a 20 megapixel shooter.

The Lumia 940 and 940 XL are expected to feature 5.2-inch and 5.7-inch 2560 by 1440 quad-HD displays. The smartphones will likely be powered by an octa-core Qualcomm Snapdragon 810 processor, 3 GB of RAM, 32 GB of internal storage, microSD expansion slots and 5 megapixel front-facing cameras for video chat and selfies.

Once we hear any new details regarding the Lumia 940 and Lumia 940 XL, we'll report right back. 

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