Nokia (NASDAQ:NOK) rumored to get back in the smartphone market as early as next year, but they reportedly have a plenty of endeavors to discover.

We might see the good old Nokia (NASDAQ:NOK) back in the game, as according to a new report by re/code, the Finnish manufacturer is planning to get back to manufacturing handsets as early as next year. Apart from building handsets, the report further stated that the once Finnish Phenom is planning to foray into the world of virtual reality to build VR headgear.

Nokia Technologies, the company known for being the arm that licenses the company’s massive portfolio of more than 10,000 patents and copyrights division, is apparently reinforcing the Finnish manufacturer’s re-entry in to the market, claims the report.

It worth mentioning the Nokia-Microsoft $7.17 billion deal in September 2013, considered by many tech enthusiasts and analysts as the end of an era for the Finnish manufacturer. The deal can be looked upon as Nokia’s failure to adapt to the ever dynamic industry. Though, tablets were not a part of the Microsoft deal, and the company launched its N1 Android tablet in China earlier this year, along with the Z Launcher for Android.

Nokia-announces-iPad-Mini-rival-N1

Nokia, however, was able to do so by designing devices, but it let other OEM’s handle the marketing and manufacturing though they had to sell them under the Nokia banner.

The re/code report states that the Finnish company will follow a similar approach to return to the smartphone market. Essentially, Nokia will take care just designing the products while the other company will be entirely responsible for the manufacturing, sales and distribution of the products only under Nokia branding.

Nokia recently acquired French network equipment supplier Alcatel-Lucent, to compete with Sweden’s Ericsson, the largest network equipment supplier in the world, along with China’s upcoming Huawei and ZTE. The Nokia-Microsoft deal did help the company get back to profitability last year. In addition, the company is also eying potential buyers for its Here Maps, which clearly suggests the company has other priorities.

“They have a lot of great stuff in development. It gave me complete confidence that Nokia is a company that is not going away”, said Richard Kerris, a former Nokia executive.

The report also says the company is on a hiring spree to make a sizable comeback in the smartphone market. Though it’ll be a tough nut to crack, especially with new manufacturers like Xiaomi and OnePlus with their aggressively priced smartphones. Moreover, with giants of the flagship segment Apple and Samsung accounting for about 50% of the global smartphone market, it’ll most likely be tough affair for the once Finnish powerhouse.

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