Since 2019, the U.S. has restricted Huawei's access to chipmaking tools essential for producing the most advanced handset models. Huawei could only launch limited batches of 5G models using stockpiled chips.

However, it looks like Huawei may launch a 5G version of its mid-ranged Nova around October or November, the IT Times said.

IT Times is owned by the Shanghai arm of state-owned China Telecom, so it should know something about the matter, or is at least allowed to talk about it.

Last month, Huawei rolled out the Mate 60 Pro smartphone with little advertising or prior notice. Research firms say they have found that a domestically made 7-nanometer processor powers it and is 5G capable, which would mark a breakthrough in China's efforts to build its domestic chip ecosystem.

Huawei's last Nova model is constrained to 4G and retails for around $329 domestically.