The legendary Palm brand will revive by TCL Communication, which will create a new Palm Inc., a US-based company that will take ownership of the Palm brand. New Palm Inc. will remain a truly Californian, Silicon Valley.

"Palm has always carried a lot of affect and emotions. That's why TCL has set the direction to rebuild the brand involving Palm's very own community, making it the largest scale crowd-sourced project ever seen in the industry," TCL said.

"The objective goes far beyond proposing a more advanced device. It is to deliver absolute breakthrough innovations in Technology, Design, User Experience, Eco-system, Marketing, Supply Chain, and Business Models."

The exact timeline of the roll-out of the Palm project was not announced.

TCL Communication, the 5th largest global handsets vendor, is operating globally under the ALCATEL ONETOUCH brand and TCL brand.