GoPro continues to be tight-lipped when it comes to the development of its next action camera, the GoPro Hero 5, but that doesn't stop the rumor mill from churning. The latest reports indicate that the next iteration will be, by far, the most impressive from the company.

GoPro Hero 5's rumored specs make it a much anticipated camera that it is predicted to be a hit in the market once it released. GoPro CEO Nicholas Woodman described the device to be "the most connected and convenient" action camera the company has ever produced.

Although the company has not revealed any specifics when it comes to the Hero 5's specs, customers are expecting a lot from it considering that its release has been pushed back several times. Investors are also expecting big things from the new action camera since sales have not been so good for the Hero4 Session.

It is said that GoPro Hero 5 can shoot 8K videos at a frame rate of 60 fps and is expected to top the resolution capabilities of the GoPro Hero 4. The new model is also rumored to support a dual-lens feature, also allowing users to shoot 3D videos.

Rumors about its underwater capabilities are also rampant and it's been indicated that the device can be taken as deep as 60 meters. GoPro reportedly intends to make the device more appealing to divers and filmmakers who like to shoot underwater.

Customers also want an action camera that's compact and at the same time, can be used for longer periods of time. The Hero 5 is rumored to carry a 2,800 mAh battery that should power it up for two hours on a single battery charge, enough to proceed with filming the reported 8K resolution videos. It is also said to be much lighter than Session, which means that it should be the company's most lightweight device ever.

As for pricing, the rumor mill indicates that GoPro Hero 5 will cost somewhere between $450 and $550.

A specific release date has not been mentioned, but Woodman already revealed at the earnings call that Hero 5 should be available later this year.