HTC is working on a scaled-down model of its HTC One smartphone, according to a report, Digital Spy said.

DigiTimes quotes supply chain sources claiming that a micro edition of the Android handset is in the works under the codename of HTC M4.

The mini version of the HTC One is expected to sport the same premium metal-alloy chassis as the larger device, provided by Catcher Technology, with lesser hardware specs and a lower price tag.

The news follows reports that Android rival Samsung is planning to release a cut-down version of its forthcoming Galaxy S4 smartphone this summer.

Although the HTC One received widespread critical acclaim, its delayed worldwide launch was thought to be responsible for the firm posting its lowest-ever quarterly profits for the first three months of 2013.

HTC is reportedly releasing the M4 in June with an initial shipment of 70,000 units.