Amazon (AMZN) is poised to make a big gamble with an Amazon smartphone set to be revealed this week, according to multiple reports.

The retailer is scheduled to debut the Amazon smartphone at an event in Seattle on Wednesday.

As a merchant, Amazon has yet to really tap into the tech arena of communications — though it’s tablet was the first foray outside of the retailing world.

The risk are many: Amazon has a loyal customer base that has aided the company tremendously, but other tech giants are well aware of the limitations when entering the world of smartphones.

Via the Boston Globe:

A Google smartphone, the Nexus One, failed to catch on. Google next bought Motorola and then dumped it. BlackBerry, once the dominant smartphone maker, is struggling to survive. Microsoft’s Windows Phone has less than 3 percent of the global market. Last year, a Facebook phone stumbled.

When it comes to smartphone profits, Apple and Samsung divide them up, leaving crumbs for every other manufacturer. At least in the United States, phones are a mature market, with 120 million sold last year.

But Amazon may have a technological edge.

According to reports, the Amazon smartphone will feature an element that tracks eye movement across the screen to create 3D images of the items you view.

Analysts are saying the phones could add more than $3 billion annually to Amazon’s revenue stream.

What is certain — despite the worries investors may have over this risk — is that Amazon continues to push ahead, while others are playing it safe.