The model - likely to be named Canvas 3D A115 - runs on Android 4.1.2 (Jelly Bean).
Other than the 3D feature, Canvas A115 will have hardware specs inferior to its predecessor Canvas HD.
According to unconfirmed sources, the phone will have a 5-inch display with 800x480p resolution, 1GHz dual-core CPU and 1GB RAM. It is likely to sport an 8MP rear camera with LED flash, 2MP front camera, 4GB internal storage and microSD support.
Micromax is expected to price Canvas 3D A115 around Rs 15,000.
Speculation is rife though the phone will have 3D interface, but not 3D playback capabilities. LG Optimus 3D, priced around Rs 26,000, is currently the only phone that supports 3D playback in the Indian market.
Phones with 3D screens that have now been discontinued due to lack of an enthusiastic response include Spice View D and HTC Evo 3D.
However, Micromax seems optimistic of a good uptake of its 3D offering. The phone is one of the 30 its CEO Deepak Mehrotra had earlier announced the company will launch this year.
The vast and diverse range at low price points is part of Micromax's ambitious plans to emerge as the largest phone seller in India, ahead of Nokia and market leader Samsung.
In smartphones, Micromax has scored quite well recently with its entry-level Canvas A110 and mid-range Canvas HD A116 phablets respectively. The company is facing a severe shortage of Canvas HD and has not been able to get its supplies in order, leading to a waiting period of up to two weeks.
As the company gears up to announce the phone next week, online retailer Saholic has already listed the device on its website, though it has not listed the price of the smartphone, or when it will be available.
In January, Micromax claimed it has emerged the biggest retailer of phablets in Q4 2012 with 1.98 lakh shipments, ahead of Samsung's 1.89 lakh units in the same period.
According to market research firm IDC, Micromax was the second biggest smartphone maker in India in the last quarter of 2012.