News about Microsoft's latest budget smartphone the Lumia 550 has spread like wildfire in the previous 24 hours as leaks has started surfacing online. The handset is expected to be unveiled during Microsoft's event on Oct 6. As the date draws near, more leaks have started appearing one by one.

Several rendered images of the Microsoft Lumia 550 have been posted by Windows Phone-focused website WMPower online, confirming the handset's color availability. The Lumia 550 is set to come out in four color variants -- blue, red, white and black.

While most of the traction and attention have been commanded by both the Lumia 950 and the Lumia 950 XL, there are still those who are sold with the idea of a budget smartphone running Windows 10. The cheeky and colorful handset is rumored to be unveiled alongside both of Redmond's flagship-grade smartphones during the company's event on Oct 6.

The Lumia 550 is rumored to feature entry-level specifications, but will offer more in the same price range as compared with the likes of the Android competition. A Swiss retailer has confirmed the handset's price, coming at CHF 114 or $166 when converted to the U.S. currency.

The handset, considering its price, packs quite a punch. The Lumia 550 is rumored to be equipped with a 4.7-inch AMOLED display with 720p resolution, a Qualcomm Snapdragon chipset that comes with a 1.1GHz quad-core Cortex-A7 CPU, 1GB of RAM and Cat.4 LTE support to deliver a solid internet performance. Storage sits at a standard 8GB capacity with an option to expand via microSD card.

While the limelight has been stolen by the likes of Cityman and Talkman, it's no question that the Lumia 550 stands as a solid offering for those looking to get into the Windows experience without shelling out the big bucks. It's rumored to be unveiled on Microsoft's Oct 6 event and interested people can watch it live via the official website.