HMD Global may be hoping to cash in on nostalgia to help its new handset compete with more high-tech offerings from smartphone favourites such as Apple and Samsung.
The updated Nokia 3310 will cost €59 ($87), according to Venture Beat, and is designed to be a second phone.
There are few details about the new phone's features and how it will work.
The original Nokia 3310 could make calls and send text messages, but didn't have a camera and couldn't connect to the internet. But it was renowned for being indestructible and having a seemingly endless battery life.
It is not clear if the contemporary "homage" to the 3310 will introduce some of the features now expected of phones such as internet connection and apps.
HMD, the Finnish start-up which secured a 10-year deal to create phones under the Nokia brand, will unveil its first range of smartphones on February 26. As well as the updated 3310 it is expected to release a range of low-end Android smartphones.
These have been designed to be recognisable as Nokia devices and "take the clutter away", HMD said.
Its first phone was the Nokia 6, which was released in China at the beginning of this year.
The new handset has a 5.5-inch screen of 2.5D Gorilla Glass, 64 GB of on-board storage, a 16 megapixel rear camera and a 3000 mAh battery.
While the 3310 isn't Nokia's best-selling phone of all time, it was iconic. It sold more than 126 million units and its sturdy design meant many first-time phone owners kept it for years.
This article was originally published by The Telegraph.
- additional reporting by Daily Mail