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(Pocket-lint) - HTC is planning to release an updated version of the HTC One later in 2013, according to a source familiar with the matter. The source also confirmed that, internally, the 2014 flagship HTC One model will go under the M8 codename.

Starting with the plans for 2014, our source reports that HTC is already in discussions regarding the HTC M8, although it is using different codenames for the device with external contacts - presumably to keep things under wraps and try to cut down on some of the leaks.

But with the M8 name out of the bag, we're hoping to see a repeat of the sort of rapturous chanting that greeted the HTC M7 before launch while gripped in CEO Peter Chou's hands. But at this stage, aside from confirmation of the codename, we have no details on the M8 specs or design.

However, we've also been tipped off that HTC is looking at releasing an updated HTC One. While there's currently a run of software updates going through, it looks like HTC might be making some more-serious internal hardware changes to update the current handset.

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Again, we've no details on what specs might change, but with the HTC One launching with a Qualcomm Snapdragon 600 chipset, it's a possibility that it might be moving to Snapdragon 800, like the recently launched Sony Xperia Z Ultra.

In 2012, HTC updated its flagship HTC One X handset is a similar way, tweaking many aspects of Sense, as well as boosting the hardware with a new front-facing camera and chipset in the HTC One X+.

With both the updated HTC One and HTC M8 details being a little on the sketchy side, we're not getting too excited as we've very little to go on at the moment and our source did say that plans could be changed. But as always, we'll keep you posted if we hear any more from our little birds.

Earlier today, we brought you news that HTC was looking to merge the One and Butterfly lines, which will result in a plastic HTC One handset, again scheduled for 2014.

READ: HTC looking to merge One and Butterfly: Plastic HTC One incoming

Writing by Chris Hall. Originally published on 10 July 2013.