Technology giant Nokia is preparing to announce a "major" virtual reality project--and soon. That's according to multiple sources familiar with the matter speaking to Recode.

　　The unveiling will reportedly come during a "VIP event" in Los Angeles sometime next week, though a specific date or further details were not specified.

　　Nokia's rumored VR endeavor "represents the most significant consumer hardware launch from Nokia since it sold its mobile phone business to Microsoft in 2013," Recode reports. The Finnish company is apparently hoping that VR, among other things, could help return the firm to prominence in the consumer electronics space.

　　We'll have all the details on Nokia's VR project, if it is indeed genuine, as it's announced.

　　Last year, Oculus CEO Brendan Iribe claimed that there is no stopping the VR revolution. "This is going to take off like wildfire and it is going to be, within some number of years, almost every household out there will be enjoying VR," he said at the time.

　　The Oculus Rift headset and Sony's PlayStation 4 device Project Morpheus are scheduled to launch in the first half of 2016. HTC's headset, called ViveVR and developed alongside Valve, is slated to arrive this year. Meanwhile, Microsoft's HoloLens headset doesn't have a release, but the company has partnered with Oculus to include an Xbox One controller with every Rift headset.