With unnamed ‘inside’ sources revealing that Finnish handset-maker Nokia is in talks with Microsoft about using the US software giant’s Windows Phone 7 operating system on mobile phones, there are speculations galore that a deal may be announced on Friday.

According to the details forwarded by a source ‘in the know’ of the proceedings, if Nokia and Microsoft are successful in putting a deal in place in time, Nokia’s CEO Stephen Elop may well announce the partnership on Friday, when he will likely present his company’s strategy to investors in London.

In the opinion of analysts, Nokia – which is scrambling to rework its handset strategy so as to turnaround deep declines in its core business – may also ink an agreement with Google, for using its increasingly popular Android operating system. Nokia, incidentally, also offers its own Symbian software platform.

The indication that Nokia may ink an agreement with one of the US companies, or even both, also came from Elop, who said in an internal memo this week that a significant revamp was in the works at the company; and that an outside operating system may be adopted.

Meanwhile, sources close to Nokia have also disclosed that, other than the adoption of outside platform, Elop’s new strategy for the company also apparently includes a high-level management reshuffle which will witness the departure of some of the senior members of the executive board.