According to sources cited by the Wall Street Journal, Magenta is currently trying to strike a deal with the Chinese based company Huawei for their new IDEOS phone. The source claims that a deal could be inked within 4-6 weeks and could hit shelves as soon as the holiday season. The IDEOS phone is an affordable Android powered handset, running Google’s latest OS 2.2 featuring a 2.8-inch capacitive touch screen, camera, 3G, Wi-Fi, GPS, and Bluetooth connectivity. As far as pricing goes, expect the handset to run around $50 with a 2-year agreement. Check out the promo video below and for a closer look at the handset, check out Engadget’s hands-on review here.

PhoneScoop Via WSJ