OnePlus recently confirmed plans to host a June 1 event, with speculation rife around the potential introduction of the eagerly awaited OnePlus Two.

Now, however, it has been suggested that the wait for new hardware will continue, with the Chinese manufacturer to instead announce a global price cut for its existing flagship device.

Citing unnamed insider sources, the folks over at FoneArena have claimed the OnePlus One will be on the receiving end of a $50 (£33) price cut.

At present the 16GB, silk white OnePlus One will set wannabe owners back £228. The larger, 64GB, sandstone black offering is priced at £268.

If accurate, the mooted price drop would likely see the two models retail for around £199 and £249 respectively.

Related: Samsung Galaxy S7 release date

A device which shook up the smartphone space when first introduced early last year, the OnePlus One paired a high-end array of specs with a wallet-friendly price tag.

The handset, which has since been challenged by the likes of the Samsung Galaxy S6 and LG G4, features a 5.5-inch, 1080p Full HD display alongside a 2.5GHz Snapdragon 801 processor.

Packing 3GB of RAM and a 3100mAh battery, the 8.9mm thick device is further enhanced by a 13-megapixel primary camera and a secondary, 5-megapixel shooter up front.

Despite speculation of an imminent OnePlus Two release having been dampened, the manufacturer recently confirmed the upcoming handset will be a “different device with a difference price” and will omit wireless charging capabilities.