While the Motorola Droid RAZR HD — successor to the first RAZR and RAZR Maxx –- smartphone has been rumored for awhile now, now it would appear that the company is also planning to unveil yet-another handset in droid lineup. To compete with other monster smartphone?

Reportedly both Motorola and Verizon will be holding an event on September 5 in New York City and are expected to unveil at least two handsets.

That said; according to recent leaked Verizon document (shown above) hints at an upcoming device, to be named Motorola Droid M. The smartphone is being rumored as a smaller version of the Droid Razr which could cost just $149.99 on contract. Dubbed as XT907 model number, the Droid M is rumored to feature a 1.5GHz dual-core Snapdragon S4 processor, an 1196 x 720 pixel resolution qHD display, and a Kevlar case, as well as NFC chip for use with services similar to Google Wallet and of course, 4G LTE data speeds.

There also will be dual-cameras (at unknown mega-pixels yet), and it will also running on Android.

BGR has unearthed some evidence that suggests that the device will apparently come in two both black and white colors.

Other rumored device is Droid RAZR HD, which is expected to be a high-end device. It will sport a 4.6-inch 720p display, a dual-core S4 processor from Qualcomm, an 8MP rear snapper, and quite possibly, Android 4.0 ICS.

We should know more about the both devices on Sep 5 Event, stay tuned.