Nokia has been aggressively launching a variety of entry-level to top-end Windows Phone 8 (WP8) smartphones. The Nokia Lumia 920 was one of the first WP8-powered smartphones launched in Nov. 2012 and now rumors suggest that the company plans to launch a cheaper version of the handset.

The Lumia 920 received a lot of popularity since its launch, which may be a reason that Nokia is planning for a cheaper version of the handset. However, when it comes to looks and design, the mid-range Lumia 720 seems very similar to the Lumia 920.

According to a NokiaPowerUser report, the cheaper variant of the Lumia 920 will have a 4.7-inch WXGA CBD AMOLED touchscreen display and the same CPU/GPU as the Lumia 920.

The new Lumia 920 is expected to features an 8-megapixel Carl-Zeiss optics camera with F/1.9 aperture. However, unlike the original Lumia 920, the cheaper model of the handset may not have Optical Image Stabilization (OIS) technology.

The handset is anticipated to make an official appearance sometime in September or October this year and will have a cheaper price tag than the original Lumia 920. In the U.S., the Nokia Lumia 920 is exclusively available only on AT&T, so we are not sure if the cheaper version will head just to AT&T as well.

Nokia has steadily launched a number of WP8 handsets after the operating system's release and most recent launches include the Lumia 925 for T-Mobile and the Lumia 928 for Verizon. Speculations also hint that Nokia EOS is also in the pipeline, which will be the next flagship WP8 smartphone AT&T.

The Finnish smartphone maker has not made any official announcement about its plans of launching a cheap Lumia 920.