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(Pocket-lint) - Nokia is planning to make a comeback with smartphones in 2016 and it's bringing virtual reality too.

According to sources of Re/code, Nokia Technologies, which remains after Microsoft bought Nokia smartphones, has big plans. The sources say not only will it be making a return to the consumer mobile market but it has some other "ambitious technology projects" including virtual reality kit.

Nokia's contract with Microsoft, which says it can't release smartphones, is due to end in the third quarter of 2016. This is allegedly when the smartphone comeback is planned.

Nokia Technologies is best known as the part of the company that owns more than 10,000 patents which it licences to others. Most recently it created the Nokia N1 tablet which it licenced to a Chinese company to manufacture and sell  there. It doesn't actually manufacture the products itself.

Since Nokia sold its manufacturing capabilities to Microsoft don't expect it to create its own kit in the future either but rather to licence it out for others, like the N1 tablet. This should free it up to create the best possible designs and original technology ideas.

Here's hoping the teased virtual reality tech and smartphones live up to the long wait we’ve got until they appear in late 2016.

READ: Nokia Lumia 1520 review

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Writing by Luke Edwards.