Samsung’s Galaxy S2 smartphone is set to receive the Android 2.3.4 Gingerbread update.

The smartphone was previously photographed running the new pre-release version of the Operating System which integrates well with the Galaxy S2. The upgrade is expected in the current quarter.

The updated version of the Android OS is expected to remove home screen lags, and will add video chatting features and improve the device’s battery life significantly.

The phone is already considered the best smartphone on the planet and is the most successful smartphone in the UK market. The smartphone has managed to surpass the popularity gained by iPhone 4 previously.

The smartphone is already available on SIM Free for under £500 ($798.25) and is being rumored to drop its monthly contract price to about £25 ($39.91) per month, ITProPortal reported.

The 4.3-inch Samsung Galaxy S2 currently runs on Android OS, v2.3, and is powered by a Dual-core 1.2GHz ARM Cortex-A9 proccessor, Mali-400MP GPU, Exynos chipset. The smartphone has a super AMOLED Plus capacitive touchscreen and an 8MP, 3264x2448 pixels, autofocus, LED flash rear and a 2MP front-facing camera. Full HD recording of 1080p at 30fps is also available along with NFC support.

The smartphone is expected to hit the US and Canada markets in the third quarter of 2011.