Prada and LG have been chums for quite a while now, having launched both the LG Prada and LG Prada 2 in 2007 and 2008 respectively, and now it seems that the two companies are to reaffirm their commitment to each other with the launch of another mobile phone for 2012.

The Prada phone by LG 3.0, which will be known from this day forth as the LG Prada 3, will hopefully benefit from the collaboration's focus on key elements within the smartphone, including software and user interface down to its design and packaging.

"Our working relationship with Prada is unique in its longevity and success, something no other phone company and luxury brand have been able to replicate," said Dr. Jong-seok Park, president and CEO of LG Electronics Mobile Communications Company. "Having successfully launched two Prada phones by LG, we look forward to collaborating further to develop premium handsets with a strong identity and the most sophisticated style."

Rumoured specs for the device include Android 2.3 spread out on a 4.3-inch display, with 21Mbps HSPA+ all wrapped up in a 9mm thin body.

To be fair the first phone in the series was pretty innovative as it lays claim to being the world's first fully  touchscreen mobile and has a place in New York City’s Museum of Modern Art and the Museum of Contemporary Art in Shanghai.

Let's hope for some similar innovation with this next handset.