OnePlus 3 review: The best budget smartphone
An upgraded version of the OnePlus 3 is rumoured to hit the markets soon OnePlus

Chinese smartphone maker OnePlus' rumoured model the OnePlus 3T is again in the news with another fresh leak claiming the phone exists and will be unveiled soon. Famed tipster Evan Blass tweeted saying an upgraded model of the OnePlus 3 will hit the market soon costing $80 more than the original.

Rumours surrounding the upgraded model have been doing the rounds over the past few weeks. Reports from China claimed the company might halt the OnePlus 3 production due to shortage of AMOLED panels. It was thought a new model called the OnePlus 3 will come with LCD screen. However, shortly afterwards, OnePlus cleared the air that OnePlus 3 was very much alive but did not comment on whether a new upgraded model could replace the existing one.

OnePlus has also denied moving away from AMOLED panels with co-founder Carl Pei tweeting: "OnePlus will be staying with Optic AMOLED displays for the foreseeable future." However, reports did not die down of the upgraded OnePlus 3 model with the recent ones claiming it will have other hardware upgrades.

Among the upgrades speculated, the biggest one is the replacement of the Snapdragon 820 processor with the Snapdragon 821. Some rumours point towards OnePlus rolling out the Android 7.0 Nougat based OxygenOS with the upcoming device.

Most significantly, if the new model does make its way to the market it is expected to cost $80 which puts it at a retail price of $479 in the US. There is no clarity on when the model will release but if it is a replacement for the OnePlus 3 which is currently facing shortage in Europe, the model should be unveiled by the end of 2016. If it is not a replacement and the OnePlus 3 is also being simultaneously produced, the company may delay the launch until 2017.