LG Electronics is expected to release new Optimus devices along with new smartphones that will run Microsoft's Windows Phone 8 OS, according to a report. In addition, the company plans to reveal a 5.5-inch full-high definition (HD) flagship smartphone at February's Mobile World Congress (MWC) in Barcelona, the Korea Times reported on Tuesday.

LG electronics is facing strong competition from as Samsung and Apple in the smartphone market, but also from rising budget Chinese smartphone makers such as ZTE and Huawei.

However, the company remains optimistic that its 2013 handset sales will reach the 75 million. These will include the its LG's Optimus G and Nexus 4 along with its budget Optimus smartphones.

More information omn LG's plans is expectde to be provided by the company during its fourth quarter earnings report on January 30.