First it was the Nokia 3310 that made a comeback and now another favourite phone from yesteryear is set to re-enter our lives.

The legendary Motorola Razr flip phone is making a comeback, according to a report by the Wall Street Journal.

When HMD Global (the company that acquired the rights to Nokia’s mobile brand) relaunched the beloved Nokia 3310 in early 2017, it didn’t change much. It brought back a cheap and durable device that wasn’t fundamentally different from the original.

The new Motorola owners are taking a different tack.

The once popular flip phone will be revived with what sounds like a similar look but the phone’s maker, Lenovo Group, will use all new technology to achieve it. The device will reportedly have a foldable screen, the Journal reports.

Perhaps most surprising of all is the purported price tag. Foldable screens on phones have been an elusive promise for the smartphone market in recent years — and it looks like they won’t come cheap.

The new Razr phone is expected to have a starting price of $US1500 ($AU2092) making it one of the most expensive phones on the market, on par with this year’s top tier iPhones.

Chinese computer maker Lenovo bought the Motorola mobile business from Google in 2014, and reportedly plans to manufacture about 200,000 of the new high-end phones to sell in the US market later this year.

The Razr V3 flip phone sold 130 million units globally and became a status symbol in the early mobile phone market after its release in 2004. But just like Nokia, it was usurped by the advent of the iPhone.

Samsung has talked up its plan to bring out a smartphone with a foldable screen in recent years, unveiling its Infinity Flex Display in November. The Korean smartphone maker is expected to bring out a handset with a foldable screen in the near future with a similarly high price tag.