South Korean electronics giant Samsung might roll out a 7mm-thick Galaxy S3 sometime in May 2012, the rumor mills suggest.

Citing unnamed sources, South Korean news organisation ETNews reported that Samsung has decided to trim down the printed circuit board and internal components of the device as much as 20 percent. In comparison, last year's Galaxy S2 was about 8.5mm thick at its thinnest point while iPhone 4S was 9.3mm thick.

For Samsung, to achieve such a level of thickness is truly remarkable. If the reports are to be believed, Galaxy S3 could possibly be the thinnest 4G LTE device on the market and may even offer stiff competition to Apple's rumored iPhone 5.

The highly anticipated device is believed to sport a Super AMOLED Plus Display, with a 12-megapixel camera and a 2-megapixel camera in the front. Galaxy S3 is also said to run on Android's latest Ice Cream Sandwich platform.

Further, the gadget comes with 2GB of RAM for multi-tasking, along with a quad-core processor, and 4G LTE capabilities, if reports are to be believed.

The new smartphone, which was originally due for release at the Mobile World Congress in Barcelona by the end of February, will instead be unveiled at a separate event, according to reports.