Microsoft's Lumia 940 flagship smartphone is rumored to launch right alongside Windows 10 later this year, but many are curious about what we can expect with the high-end device that's sure to keep its Android competition on edge.

"We remain completely committed and focused on new flagship products," Neil Broadley, Microsoft's director of phone marketing, said in an interview with Franchise Herald.  "That said, certainly we believe the best time to bring those flagship devices to market is when we have our very latest flagship software experience available. We're focusing our flagship development for slightly later when Windows 10 is available."

The question from here is when do we expect Windows 10 to drop. The new operating system is meant to further integrate Windows PCs, gaming consoles like the Xbox One, and mobile devices into one uniquely shared experience. While a definite date hasn't been given for Windows 10 just yet, many experts believe that it will hit the market around September or October of this year, but no earlier than June.

Microsoft has already said that it won't launch any new phones at all until Windows 10 drops, we assume to take advantage of its improved features without worrying about upgrading anything released between now and then, but the Lumia 940 is expected to be the premier device that will help usher in the new software.

The Lumia 940 is expected to come with Qualcomm's industry-standard for 2015, the quad-core Snapdragon 810 CPU along with a rear camera in the 20- to 30-megapixel range and an enlightening tri-LED flash. The front camera is rumored to be 5-megapixels, but still support 1080p video.

The display is expected to be 5-inch full HD with 3 GB of RAM, an Adrena 420 GPU, and 32-to-64 GB of storage standard.

Tech site Fudzilla has also dropped some exclusive news about some additional unique features on the Lumia 940. Bypassing the traditional biometric security that other modern smartphones feature, such as a fingerprint sensor, the 940 is said to be working on an iris scanner instead.

The iris scanner would most benefit those who operate the phone in conditions where swiping a finger just wouldn't work, but some believe that the iris scanner would even be more secure.

A dock is also rumored, which would make the Lumia 940 the first Windows phone to support docking, and the phone is also said to be smart enough (through various sensors) to realize if the user is left- or right-handed.

The 940 is not expected to cost much more than the current Lumia 930, which currently retails for $379.