We are starting to hear plenty of rumors about an upcoming HTC device now that the company is struggling to compete against devices launched by Apple, LG, and Samsung this year. Recent reports suggest that the Taiwan-based device maker is already preparing an all-new handset with a distinctly different name and premium specs.

HTC is having a bad year so far. We have learned that it reduced its workforce by 15 percent to cope with the declining sales of its devices, including the lackluster HTC One M9 flagship. The company's recent financial report reveals more grim details as HTC's stocks have reportedly plunged by a massive 60 percent.

The electronics manufacturer has been trying to bring back its lost glitter since the success of 2013's HTC One M7. Now, it looks like the company plans to do that by dropping the "M" naming scheme and launch its next flagship as the "HTC O2."

This speculation comes from MyDrivers.com, a Chinese tech web site which periodically posts leaks about unannounced devices. The site also supported earlier speculations that the new HTC handset will be powered by the soon-to-be-released Snapdragon 820 chipset by Qualcomm.

However, not everyone believes that HTC will move away from its current M branding. Another China-based site called Mobile-Dad.com claims that it would still be named HTC One M10. It went on to say that the device would have large 6-inch display with 2K resolution.

Furthermore, both sources share varying concept images of the HTC One M10 or O2. The only factor that they both agree with is that the upcoming model will have a nearly bezel-free front profile.

Here is a quick rundown of the alleged HTC model's specifications. We now know that it will be furnished with a 6-innch screen that will either have a 2K or QHD resolution. Under the hood, a state-of-the-art Snapdragon 820 processor can be found along with a generous 4GB RAM. Storage options comes at 64GB and 128GB.

On the photography front, the HTC O2 is said to feature a 20.7-megapixel primary camera supported by a 5-megapixel front shooter. A 3,500mAh battery is included along with the company's signature BoomSound front stereo speakers. Just like previous HTC One models, the O2 is expected to be housed in an all-metal body, but this time it is rumored to be both waterproof and dustproof.

Although HTC still has nothing to say about this rumored flagship, sources claim that HTC O2 is due for a late 2015 launch. For those who are not into large 6-inch phablets, they may not need to worry as the same reports mentioned that another model will also be launched-a smaller 5-inch HTC O2 version which is reportedly slated to arrive in early 2016.