After the launch of Galaxy Note 4 just last year, Samsung is now set to release its big brother, the Galaxy Note 5 and rumors about the device's specs, price and release date have already surfaced online.

The Galaxy Note 4 is already considered to be the best device available for Android, though there are rumors that Samsung will upgrade the display in the Galaxy Note 5 from 2K in the Galaxy Note 4 to 4K, making it the world's first 4K phone. Similar to the Galaxy S6 Edge, the Galaxy Note 5 is likely to come with a dual-edge curved display. The device is expected to have a wider screen size of 5.9 inch with a resolution of 2160 x 3840 pixels, or a density of 746 pixel per inch, giving users a much better viewing experience.

While some media reports suggest that the Galaxy Note 5 will be powered by a Qualcomm octacore Snapdragon 810 processor, others expect the device to run on Samsung's own chipset, Exynos 7420 with four Cortex-A57 cores and four Cortex-A53, offering 20 percent faster speed and 30 percent more productivity.

For the Galaxy Note 5, it has been rumored that Samsung will use a new type of memory chip, EPOP, combining 3GB LPDDR3 DRAM with 32GB of internal memory, allowing for a speedier multitasking. Other reports suggest that the Galaxy Note 5 could have a storage capacity of as little as 16G or internal storage of as high as 128G and 4GB RAM.

While the Galaxy Note 4 already has an outstanding 16GB rear camera, it is rumored that the Galaxy Note 5 will feature a 21 MP rear camera and a 5 MP front camera. The device is also expected to come with a host of other features like wireless charging, water resistant, heart rate monitor, and finger print and retina scanner.

The Galaxy Note 5 is expected to come with a 4000mAh battery cell along with special battery-saving features. It is rumored that Samsung will price the Galaxy Note 5 in the range of $760-912 and release the device in September 2015, ahead of any announcement from its main competitor, Apple, and just in time for the Christmas shopping season.