A report from news outlet Bloomberg is citing rumored specs for the handset as being a display of 5 inches or larger plus a Snapdragon 800 or Snapdragon 805 processor, along with a twin-sensor rear Ultrapixel camera.
The report cited a "person with direct knowldege of the plans", who said the phone will be released in March in a potential showdown with Samsung's Galaxy S5.
Bloomberg suggested other possible attributes of the device code-named "M8" are a 3GB RAM, fingerprint reader, and unibody metal housing.
In terms of branding, HTC will reportedly stick with the HTC One name for this year's model, rather than the HTC Two that we earlier reported.
The next HTC One could be announced at Mobile World Congress in Barcelona in February, though another possibility is that HTC will hold an event of its own, as Samsung is rumoured to be doing with the Galaxy S5.