Google is partnering up with chipset company MediaTek for its recently announced Android One initiative geared toward helping OEMs build low-cost Android devices for emerging markets.

MediaTek will have access to the latest Android software and firmware, according to a Digitimes report. Should Android One prove successful, Google and MediaTek could reportedly extend the partnership to tablets and connected TVs.

Announced at Google I/O, Android One is a set of reference designs and turnkey solutions for manufacturers. Early partners include Micromax, Karbonn and Spice. Micromax last year released the Canvas 4 featuring the MediaTek MT6589 chipset.

The Android One handset from Micromax shown off at Google I/O is reportedly supported by a MediaTek dual-core MT6575 processor.

MediaTek estimated more than 550 million MediaTek-based handsets were built by 2011 and that another 110,000 million were built in 2012.