The Internet is buzzing with reports that Microsoft will be launching two phones with Verizon Wireless in the upcoming months.

Citing an anonymous source who was briefed on the matter, Reuters reports that the phones will be launched in late spring or early summer. The news source reports that the social-media-friendly handsets are being developed under the code name “Project Pink,” a phrase that has been running through the industry rumor mill for the past few months. 

Tech blog Gizmodo has more details about the devices, which resemble a cross between the Palm Pre and the Sidekick.

According to third-party marketing materials leaked to Gizmodo, one of the so-called Project Pink devices features a vertical slide out qwerty keyboard similar to the Pre’s and thick, rounded edges. The other device has a horizontal slide-out qwerty keyboard and appears to be slimmer.

Gizmodo has been receiving leaks on Microsoft’s Project Pink since September 2009.