The launch date of the highly anticipated GoPro Hero 5 is expected to be later this year, according to the company head, and the rumor mill is saying it might be by October. The tech company is also preparing for the release of the GoPro Karma, their first ever drone.

Rumors have it, though, that the upcoming fifth generation of the company's popular action camera may be released together with GoPro Karma.

During GoPro's fourth quarter 2015 earnings conference call earlier in February, CEO Nick Woodman revealed a vague tidbit about the new action camera, saying, "Later this year, we will introduce the most connected and convenient GoPro we have ever made, HERO5."

Woodman also revealed that his team plans to make the current lineup "do a better job of connecting to smart phones and the cloud. Any advancements in software will be matched at the hardware level."

While the company has kept mum about specs, details are trickling in about the features that will go into the GoPro Hero 5.

Reportedly, it will sport Ambarella H1 System on Chip, which will enable the device to shoot videos at 4K resolution at 60 frames per second. Other reports are saying it can record up to 8K resolution at 30 frames per second.

Although the GoPro Hero 4 has the same 4K resolution, its successor will provide higher speed, with improved 2.7K performance and a higher frame rates for full-HD shooting. Additionally, the GoPro Hero 5 is expected to work well at a depth of 60 meters, 40 meters deeper than the GoPro Hero 4.

Additionally, it will have quicker upload speed of the device, thanks to its built-in Bluetooth 4.0. It will also boast a larger battery of 2,800 mAh battery than that of its predecessor, which only has a 1,160 mAh lithium-ion battery.

In terms of its price, GoPro Hero 5 might be tagged from $400 to $550.