OnePlus will launch an even more affordable alternative to its flagship OnePlus 2 this year, according to a new report. The device will supposedly be named OnePlus X, and it will be powered by Qualcomm’s Snapdragon 801 processor.

The OnePlus 2 is already an incredibly affordable smartphone at just $329 — especially when you consider it has an excellent 1080p display, a high-end Snapdragon 810 processor, up to 4GB of RAM, and a decent 13-megapixel camera.

But OnePlus has made it clear it is interested in launching an even more affordable option in time for Christmas. According to GizmoChina, which cites an unnamed source familiar with the plans, that device will be called OnePlus X.

OnePlus X will reportedly sport an all-new design unlike that of the OnePlus 2, which is said to be “more premium looking.” It is also expected to have a fingerprint scanner on its back, a 5-inch display, and the Snapdragon 801 processor that was used in handsets like the HTC One M8, the Samsung Galaxy S5, the Sony Xperia Z3, and the second-generation Moto X.

Despite being an older chip, the Snapdragon 801 is still a capable processor, and it will help OnePlus keep the cost of the OnePlus X down. Sources say the device will cost around $249 off-contract, which would make it one of the cheapest smartphones with a Full HD display and fingerprint scanner.

GizmoChina reports that we could see the OnePlus X as early as next month, so we may not have to wait too long before all this becomes official.

• SourceGizmoChina