After launching the Xiaomi Mi 4i just last week, Chinese smartphone giant Xiaomi is now getting ready to release its next flagship device, called the Mi 5 in July, according to new reports.

Earlier leaked specifications of the Mi 5 had suggested that the handset will sport a 5.2-inch QHD resolution (1440 x 2560 pixels) display and would be powered by 2.7GHz quad-core Snapdragon 805 SoC, paired with Adreno 420 GPU and 3GB RAM. The Xiaomi Mi 5 has been expected to feature a 16-megapixel rear camera, an 8-megapixel front camera and a 3,600mAh battery, and will be available in 16GB/64GB built-in storage models. There had also been recent reports of a patent being filed by Xiaomi for a fingerprint recognition technology that could be used in the Mi 5. Xiaomi's upcoming MIUI 7 custom user interface based on Android 5.1 Lollipop will debut on the Mi5 to give each use a unique experience with their phone.

According to the latest leaks on Chinese Social media website, Weibo, the Mi5 will be available in July this year. The report claims that the phone will feature similar specs rumored earlier, but will be powered by the Snapdragon 810 processor instead of the Snapdragon 805 SoC. Even more interestingly, the report claims that Xiaomi Mi 5 will be released alongside its phablet variant called the Xiaomi Mi 5 Plus, which will reportedly boast a much larger 6-inch capacitive touchscreen display supporting 2560 x 1440 pixel resolution. The Xiaomi Mi 5 Plus will be powered by the same Qualcomm Snapdragon 810 processor inside the Xiaomi Mi 5, along with 4GB of RAM and a 16-megapixel camera with OIS (optical image stabilization). Both the Xiaomi Mi 5 and Xiaomi Mi 5 Plus are expected to ship with the Android 5.0 Lollipop operating system out of the box and will be launched in July this year.