Motorola Future

FILE - In this file photograph taken Feb. 3, 2009, a pedestrian makes a call with his Motorola Razr cell phone in downtown Chicago. For decades, Motorola's products told the story of the march of electronics into the hands of consumers: car radios in the 1930s, TVs in the 1940s and cell phones in the 1980s. (AP Photo/Charles Rex Arbogast, file)

(Meredith) -- Rumor has it the wildly popular Motorola Razr flip phone is being reborn as a $1,500 smart phone with a folding screen.

According to The Wall Street Journal, Lenovo which owns Motorola has partnered with Verizon to sell a brand new Razr phone. Not much is known about the new Razr, except that it's expected to have a flexible, folding screen. Flexible LCD screens are new technology, but there a few niche products already on the market. If the rumors are true, the Razr may be one of the first major brands to put out a folding phone.

The design of the new phone is still a mystery, though many expect it to resemble its namesake, which first premiered in 2004. At the time, the original Razr was considered incredibly thin, and was marketed as a fashion phone. Subsequent versions came with a much lower price tag and soon it sold more than 130 million units, becoming the best-selling flip phone in the world.

The article cites individuals close to the matter who say they will only produce a total of about 200,000 new Razr phones, making it more of a niche product then a flagship device. There's no definite release schedule, but the sources said we could see an announcement about the new phone as soon as next month.

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