Microsoft's rumored Surface Phone could be the company's last chance in smartphones.

Microsoft's last best hope of becoming a player in the smartphone market may rest on the Surface Phone. The rumored device, which has not been officially acknowledged by Microsoft, is nickmaned the "Panos Phone," in reference to Surface boss Panos Panas. According to areport in Windows Central, Microsoft is still experimenting with different designs and form factors. Chipmaker Intel may also be involved. In any case, the phone is not expected before the summer of 2016.