Rumors are swirling regarding the upcoming release of the latest, third generation version, of the Moto X later in the year, most likely in September. A new report indicates that the phone may come in two sizes, including a larger phablet version.

We recently reported that all signs are pointing toward the release of a new Moto X later this year. The phone will reportedly feature a higher resolution quad-HD display, larger battery and more powerful processor. It also is expected to be fully customizable via Motorola's Moto Maker website, which allows customers to choose various colors and materials in regard to the look of the smartphone. The manufacturer also dropped the retail price of the current version of the smartphone, indicating it is clearing out inventory for a new upcoming model.

Some rumors now indicate that the Moto X 2015 will actually come in two variants, one sporting a 5.2-inch display equal to the current size of the smartphone, and a larger version with a 5.7-inch display. The features and custom options will remain the same for both smartphones, but the larger version will also sport a bigger battery.

It appears Motorola may be following the current trend of featuring two separate sized flagship smartphones, a "regular"-sized handset and a larger, phablet-sized device to appeal to the growing number of smartphone users looking for a larger display. Apple famously initiated this trend last year with the release of the iPhone 6 and iPhone 6 Plus with great success.

Now, Samsung's rumored upcoming Galaxy S6 Plus, which will reportedly sport a 5.5-inch screen will join the recently-released Galaxy S6 as the larger phablet-sized companion smartphone to the new flagship, offering another alternative to buyers who are seeking a larger-sized smartphone but don't want to make the jump to the larger Galaxy Note series.

Once we hear any new reports on Motorola's upcoming Moto X 2015 smartphone and phablet, we'll report right back to you.