Nokiahas confirmed that its upcoming smartphone will be released next year, making good on its promise to re-enter the mobile phone market.

The once-mighty Finnish company sold its device business to Microsoft in 2014, where phones were sold under the Lumia brand. But as Microsoft effectively exits the smartphone business, Nokia is set to return.

The new generation of devices are expected to be released in the second quarter of 2017, with rumours suggesting that they will be unveiled at Mobile World Congress in February.

Rajeev Suri, Nokia's chief executive, is scheduled to make a keynote speech at the conference, where the company will also have a stall.

Nokia confirmed it would release a phone for 2017 last week, when a corporate presentation said next year will see "Nokia brand's return to smartphones".