Amazon is reportedly gearing up to release its very own smartphone into the tech market largely dominated by Android and iPhone devices.

According to reports, the retail giant has tied up with Foxconn to develop hardware for its smartphone device. In a bid to prevent infringement lawsuits directed towards its forthcoming smartphone, the company is seeking patents that cover wireless technology. Amazon's attempts on acquiring wireless patents from InterDigital turned futile with Intel buying the desired set of patents for $375 million.

However, with newly hired Matt Gordon, who was the former senior director of acquisitions at Intellectual Ventures Management LLC, now heading the patent acquisitions and investments as general manager, Amazon may finally have luck on its side.

The Seattle-based company previously scored success in the tech arena with the launch of its Kindle Fire in 2011. Besides being a dominant player in the 7-inch tablet field, Amazon has set a benchmark which other tech giants have found tough to compete with.

The retailer has already sold over 4.7 million tablets by November 2011, with the figures estimated to have surged even higher by now. Still reeling with success over its cost friendly tablets, Amazon has earned substantial profits even from several other products of theirs such as digital books, songs and movies.

The company is now hoping to follow a similar suit with the introduction of its smartphone that would possibly squelch the hype over Android and iOS based handsets.

It's alleged that the new smartphone will be called "Amazon Blaze" and would include a spate of features besides a fast 1.2GHz dual-core Qualcomm MSM8660 processor, a 4.3-inch Mirasol screen, a 1.3-megapixel front-facing camera, a rear-facing 5-megapixel snapper, 512MB of RAM,  32GB of internal Storage plus provision for 8GB microSD card support. Other specifications the device is alleged to include are DLNA connectivity, NFC support, 1700mAh battery and a panel to capture solar power for use on the phone.  The alleged Amazon Blaze may also arrive on Android 2.3 Gingerbread OS and may also come with HSPA+ connectivity to support AT&T. A CDMA version for Verizon may also be on the cards.

Taking into account all the specifications as mentioned, Apple's latest iPhone 4S looks pale in comparison expect for the front facing camera that boasts an impressive 8-megapixel range. Other specs of the iPhone 4S such as the 3.5-inch display, dual-core 1 GHz processor, 512 MB RAM, and the Li-Po 1432 mAh battery clearly seems to place the iPhone maker at an uncomfortable level in view of the Amazon Blaze.

As mere speculations, it remains to be seen as to what exactly Amazon will offer with its new smartphone, which some reports have said may sport more advanced features with Apple iPhone 5 fast approaching.