The rumours suggest that HTC is gearing up to launch the pared down smartphone in June and is currently developing it under the HTC M4 codename.
According to "sources from the upstream supply chain," the M4 will feature a metal alloy chassis supplied by Catcher Technology, with HTC predicting initial Q2 demand of 700,000 units for the new handset.
The manufacturer is said to be hoping that establishing exclusive relationships with its suppliers will help it avoid the kind of component shortages that delayed rollout of the HTC One in some regions.
In addition to a sleek metal look, the HTC M4 is tipped to feature a 4.3in HD (720p) display, 1.2GHz Snapdragon 400 chipset, and an 'UltraPixel'-branded camera.
Elsewhere, the M4 is expected to offer 16GB of on-board storage, plus the most recent iteration of Android, 4.2.2 Jelly Bean, as augmented by HTC's custom UI, Sense 5.0.
In related news, HTC has unveiled a new Desire range handset over in Taiwan. The HTC Desire L is a modest proposition, featuring a 4.3in display with a 800 x 480 pixel resolution and a 1GHz processor.
It remains to be seen whether the Desire L receives an international rollout, or how it might resemble a future budget HTC One.
Despite winning plaudits for the HTC One virtually across the board, HTC continues to struggle financially. Its Q1 2013 results represented the firm's lowest quarterly profit ever, and sixth consecutive quarter of decline.
The HTC One's delayed release is thought to be partly responsible for the firm's disappointing first-quarter performance.