Now playing: Watch this: Galaxy Note 8? Yes, Samsung is planning on it

Sarah Tew/CNET

Samsung's Galaxy Note 7 is dead and buried, but the Note brand will live to see another phone launch.

The company has no plans to scrap the beleaguered Note moniker altogether, according to a report published Monday, even though for many it is now associated with the Note 7 debacle. Note 7 owners in South Korea who trade in their phones for a Galaxy S7 will be able to trade up automatically next year to an S8 or a Note 8 for half the normal price, Samsung said in a statement given to Reuters.

Production of the Note 7 was permanently discontinued earlier this month after the company was forced to issue two separate recalls for the phones, which had, in a small number of cases, been catching fire and burning their owners. The cause of the problems is still unknown.

The move is expected to take a massive toll on Samsung, both financially and in terms of its reputation, but it seems this will not hamper the introduction of at least one new Note model. It may not actually be called the Note 8 because Samsung already has one of those, albeit from three years ago.

"The availability of this program will vary by local market and according to operator and retail partner," said a Samsung spokeswoman in a statement about the upgrade plan.

First published October 24, 5:53 a.m. PT.

Update, 10:30 a.m. PT: Adds comment from Samsung.

Update, 1:08 p.m. PT: Clarifies that upgrades will be offered in South Korea for half the normal price (not for free).