With Microsoft's annual Build developer conference now under way, it's perhaps unsurprising that the Redmond-based tech giant has made its way to the centre of the mobile rumour mill.
According to the blog Neowin.net, the Taiwanese manufacturer is currently working on refashioning the One for Microsoft's mobile operating system.
Like its Android-running relative, it's thought that the Windows Phone HTC One will feature a snazzy all-aluminium chassis, Beats Audio technology, and an 'UltraPixel'-branded camera.
However, it won't be a pure rehash, and the new device's display could measure anywhere between 4in and 5in - the HTC One proper has a 4.7in screen.
The key to the equation is apparently the release of the Windows Phone 8 GDR3 update, which will bring support for Full HD (1080p) displays and quad-core processors. That refresh is expected to happen by the end of the year ahead of the larger Windows Phone 'Blue' update in 2014.
Elsewhere, HTC has unveiled a chichi new red model of the One (see image, top), to be stocked exclusively by Phones 4U from mid-July in the UK.
"The new HTC One in Glamour Red showcases the power of our flagship model in a colour that demands attention, whilst maintaining the high standards set for sophisticated design and build quality," commented Philip Blair, HTC president for EMEA.
The HTC One is currently available in black and silver iterations and can be had for free on tariffs from £33 a month.