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The Lumia 550 will be available starting December for $139 unlocked (no UK or Australia pricing has been announced as of this time, but that roughly converts to £91 and AU$195).
For a closer look at the upcoming phone, click through the slideshow.
The 4G LTE-enabled handset comes in black and white with a glossy plastic backing.
It's powered by a 1.1GHz quad-core Snapdragon 210 processor and a 2,100mAh battery that has an estimated usage time of 13.9 hours on a 3G network.
There's a 2-megapixel front-facing shooter and a 5-megapixel rear-facing camera that can shoot 720p video.
The Lumia 550 will run Microsoft's latest operating system, Windows 10.
The compact 4.7-inch device features a high-definition display with a 720-pixel resolution with 315 pixels per inch.