The news coincides with the confirmation of the OnePlus Nord name for the affordable smartphone, which was previously rumored to be called both the OnePlus Z and OnePlus 8 Lite.
With a price tag of under $500 (around £410, AU$730), the OnePlus Nord will be comfortably cheaper than the OnePlus 8, which starts at $699 / £599 (about AU$1,100).
While OnePlus hasn't confirmed the exact OnePlus Nord price, we wouldn't be surprised if "below $500" translates to $499.
How does the OnePlus Nord price compare?
The sub-$500 OnePlus Nord price tag positions the phone in a highly competitive area of the market.
The Google Pixel 3a XL starts at $479 / £469, and while Apple's new iPhone SE 64GB starts at $399 / £419 / AU$749, that price rises to $449 / £469 / AU$829 and $549 / £569 / AU$999 for the 128GB and 256GB models respectively. You can discover all of today's best iPhone SE deals with our dedicated guide.
If the OnePlus Nord comes with at least 128GB of storage, then its price point will put in squarely in competition with those phones.
OnePlus is yet to reveal any OnePlus Nord specs, so it's not clear what exactly you'll be getting for your sub-$500 outlay, but OnePlus has said there will be 100 units available for pre-order at 9am on July 1.