Josh Miller/CNET

OnePlus will introduce its third Android-powered smartphone in the coming weeks, reports Gizmochina. According to a source close to the tech site, the OnePlus X will officially break cover in October.

Whereas it targeted the higher end of the spectrum for its OnePlus 2 , the X figures to be a more modest experience. Specifications are allegedly include a 5-inch display and a Qualcomm Snapdragon 801 processor. This would make it smaller and lesser powered than its would-be " flagship killer ". Moreover, it should lead to a lower price tag; rumors suggest the OnePlus X could retail for $250.

OnePlus is a unique smartphone manufacturer to be sure. Its first two phones are sold direct to consumer as unlocked handsets that work with a number of cellular providers. But, rather than make it easy on potential buyers, OnePlus employs an invitation system for sales.

Indeed, getting your hands on one of its phones can be quite difficult, particularly in the first weeks following launch. Customers interested in procuring a device must wait for a code from another OnePlus owner or participate in a contest or promotion.

Whispers of a so-called OnePlus "Mini" had popped up a handful of times in the past year, however recent reports suggest OnePlus has adopted the "X" suffix in its place. As for official confirmation of the device, the company has remained somewhat tight-lipped. Speaking to USA Today in August, founder Carl Pei indicated that a second phone would be launched this year but he stopped short of revealing any details.

As to whether or not the rumored $250 cost of the OnePlus X would be worth it, that depends on the other hardware specifications. That space is quickly filling up with unlocked smartphones with admirable features. The Moto G , for the sake of comparison, is $180 and also includes a 5-inch display with 8GB internal storage. Oh, and it's available every day of the week and without any pesky caveats.

OnePlus declined to comment the OnePlus X.