Our sources over the weekend are confirming to us that Microsoft apparently has selected October for the eagerly awaited release of Windows Phone 7. Apparently, this was confirmed by a presentation by Microsoft Labs at Cannes Lions 2010.

Windows Phone 7 could represent the first real chance for Microsoft to make a big dent with their phone technology. Windows Phone 7 combines much of what the company has learned from the Zune products, along with the recently released Kin, with a sprinkling of Xbox Live thrown in to up the stakes.

Analysts seem to agree that this could be Microsoft’s best and most significant chance for success.