Software giant, Microsoft might be planning to finish the work on the development of its new Windows 8 Operating System this summer and roll out the new version in October 2012.

According to people closer to the matter, the release will include devices running Intel and ARM chips as the company had said that the new version will be compatible with both the standards. However, there will be only about five ARM devices at launch compared to more than 40 Intel machines.

The Redmond, Washington-based company has not announced a time frame for the launch of the new version of Windows. The company had released the Consumer Preview version of Windows 8 at the Mobile World Congress in Barcelona, Spain.

Many believe that the new Windows 8 is the biggest upgrade from the company since Windows 95 and it might help the company maintain its lead in the PC market. The new version is designed to work well on touch-sensitive tablets besides computers and laptops. Microsoft had announced the general design and direction of Windows 8 in June 2011.

Windows 8 will have a Metro interface, which is designed for touchscreen computers and tablets and includes use HTML5 and CSS3. Analysts are evaluating the developer preview release and it is to be seen if the platform is able to attract users in the smartphone and tablet market dominated by Google’s Android and Apple.