LG is planning to release a Windows Phone 8 handset later this year, according to a report, Digital Spy said.

Korean Times claims that the company is planning to launch its first phone running a Microsoft operating system since 2010's LG Optimus 7.

"We will release quite a number of new Optimus devices this year and LG also has some new smartphones in the works, that will run Microsoft's Windows Phone 8," a senior executive from one of LG's local partners allegedly told the publication.

The move is said to be part of LG's strategy to sell 75 million handsets in 2013, a significant increase on last year's 55 million.

Several other Optimus devices will reportedly release during the calendar year, as well as a follow-up to the company's Google-branded Nexus 4 smartphone.

The report claims that LG is working on a larger iteration of the handset with a 5.5-inch screen for release later this year.

LG is yet to officially confirm plans to re-adopt the Windows Phone operating system.