Nokia is reportedly looking at making a comeback to the affordable smartphone segment that it once dominated.

There were recent reports about Nokia's CEO Rajeev Suri hinting at making a comeback to smartphone manufacturing after the end of the licensing agreement period with Microsoft.

Speaking on Nokia's Q3 2014 results, Suri had reportedly said that Nokia is still a valuable mobile brand.

Nokia also recently launched the HERE Maps app for Android, which signals its ongoing development work for the platform.

Suri's statement, ongoing android development work, and its close ties to the Jolla smartphone team, have all led to speculation that Nokia could re-enter the smartphone market some point after the 2016 branding licence countdown expires.

According to a TechRadar report, Nokia's comeback smartphone will run Google's Android operating platform out of the box.

The report adds that the new phone will be conceptualised, designed and developed by Nokia's N9 team of engineers, and the device is expected to be a flagship high-ender.

Nokia's reported Android intentions and the speculation make sense as Microsoft, during its takeover of the Finnish company's Devices and Services businesses, also acquired licences to brand future devices as its own, rather than as Nokia's.

Microsoft is also rumoured to release new Lumia smartphones under the "Lumia by Microsoft" branding.

According to analysts, this could have forced Nokia to look at Google.

According to a report in The Verge, Nokia's social media branding in various other countries will also be rebranded as Microsoft Lumia.