Nokia's new CEO has planned a Feb. 11 speech to investors, so far without prebriefing analysts or press. Some speculate that event could be used for a major announcement of this type.

Such a software alliance could let Nokia shed some or all of its foundering mobile operating system development. And it could give Microsoft another high-profile handset maker to boost the so-far anemic sales of Windows Phone devices. Speculation and rumor has helped lift Nokia's share price by 4% since Monday,

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But it would be a high-stakes partnership. Nokia's share of the global cell phone market has been declining steadily. And Microsoft's huge effort to redesign its mobile OS user interface and reclaim a leading role in smartphones has so far met with lackluster sales.