The Indian Express has reported that when HP's Asia Pacific senior director of consumer PC and media tablets Yam Su Yin was asked if the company has a smartphone in the offing, she replied "The answer is yes but I cannot give a timetable. It would be silly if we say no. HP has to be in the game."
That makes some sense, as for a growing number of people around the world a smartphone is the first and perhaps the only internet-connected device they use.
She went on to say "Being late you have to create a different set of proposition. There are still things that can be done. It's not late. When HP has a smartphone, it will give a differentiated experience."
What seems more probable is that HP will use one of the major mobile OSes overlaid with some combination of its own apps, UI, or cloud services.
It's been a long time since Apple showed any inclination to licence its operating systems to other companies, so it seems safe to rule out iOS.
While Microsoft would like to see more Windows Phones being sold, the consistent UI seems to be one of its selling points. Furthermore, Microsoft seems keen to provide its own cloud infrastructure to Windows Phone users.
Android would seem to be an obvious choice, especially as Samsung has shown how well customers can react to an Android phone with extras delivered by the manufacturer.
But maybe that's too obvious - please read on.