According to information leaked by technology website Venturebeat, the phone – originally launched in 2000, will launch at this year's MWC conference later this month.
Venturebeat writer, and noted tech-news leaker, Evan Blass claims to have got the information from "a person briefed on the company's plans".
He alleges that the phone will be priced at just €59 (£50), and will be marketed as a backup for "nostalgic" smartphone users.
However, when Dezeen contacted Nokia to confirm the news, the company remained ambiguous – stating that they "don't comment on rumours or speculation".
When it launched, the 3310 became a much-loved classic thanks to its long battery life, resilient casing and collection of features including the game Snake.
At the point of its retirement in 2005, it was – according to Nokia – the world's best-selling phone, having sold 126 million units.
Nokia appears to be the latest company to be embracing the back-to-basic trend when it comes to mobile phones.
Last year, Serbian studio Alter Ego Architects designed a concept for a 3D-printed phone with an interface that only features numbers and symbols, and has no apps to prevent users acting like "mindless zombies".
In a similar move, British designer Jasper Morrison launched a basic phone with just calling and texting functions for Punkt as a "liberating" alternative to smartphones during London Design Festival 2015.