The first smartphone running on an Intel chip is about to be launched. According to a source, that phone will be manufactured by Lava.

Intel CEO Paul Otellini couldn’t have made it any clearer: The first smartphone to use an Intel processor is due “later this week.”

“Expect to see another important milestone for our business later this week. The launch of the first Intel architecture-based smartphone,” Otellini said during his opening remarks in today’s first-quarter earnings conference call.

That phone will likely be from Lava, according to a source familiar with the India-based smartphone maker’s plans.

Specifications include an Intel Z2460 Atom chip, a 4.03-inch screen (1024×600), 8MP camera, HSPA+, and 16GB flash memory (see chart).

Smartphones running on Intel processors from Lenovo, Orange, Motorola, and ZTE are also due soon. While the launch of Lenovo’s K800 is imminent — and probably the next Intel-based phone to become available — all of the others are slated for later this summer or in the second half of the year.

Intel, the world’s largest chipmaker, is trying to refocus its chip design and manufacturing efforts on smaller devices like smartphones and tablets, markets where it has been virtually absent.