HTC is reportedly working on a new version of its flagship smartphone that could debut as early as March. The phone will retain the same overall design but will include a larger screen and improved internal hardware according to a source familiar with the project as reported by Bloomberg.

We're hearing that the new One will include a twin-sensor rear camera designed to improve focus and image quality. Although unconfirmed, it's worth pointing out that Toshiba recently announced a two-sensor camera module for smartphones that allows users to refocus images after the fact. It's said to be similar in function to Lytro's light field camera.

Elsewhere, the screen size will be at least five inches which is a bit larger than the 4.7-inch display on the current phone but a great deal smaller than the HTC One Max at 5.9 inches. Previous rumors have suggested the phone will include a Snapdragon 805 processor.

The publication points out that HTC will continue to use the same One moniker, much like Apple has done with the iPad over the years. That makes sense as the One has a solid reputation and there's no reason not to leverage the brand moving forward.

The timing of the launch also makes sense as the first generation unit dropped just ahead of Mobile World Congress last February. We'll keep our eyes peeled over the coming months for the new One announcement as well as any other major handsets from other manufacturers.