The Xiaomi Mi 5 is the alleged successor of the Xiaomi Mi 4 flagship of 2014. The Chinese manufacturer has not been revealed the release date of the Mi 5 handset. However, since the company has announced a price cut of 17 percent on the Mi 4, rumors are now claiming that the Mi 5 is likely to release soon.

The new price cut on the Xiaomi Mi 4 has reduced its price by $40. It is now available for $200. As a result of the new discount, the Xiaomi Mi 4 and the newly released cheaper variant, the Xiaomi Mi 4C are now both available with same price tag, Xiaomi Today reported.

The Chinese smartphone maker is still silent on the Mi 5. However, it has become one of the most awaited handsets of 2015 as it has been over a year since the release of the Mi 4 that came out in August 2014. Some rumors suggest that it will not release this year but arrive in the first quarter of 2016 whereas other sources indicate it will release within this year.

Since several months the rumor mill has claimed that the next generation Qualcomm chipset, the Snapdragon 820 will power up the Xiaomi Mi 5. Since its shipping is slated to start early next year, the Xiaomi Mi 5 with SD 820 is expected to release in first quarter of 2016.

On the other hand, Mobi Picker has reported that the Mi 4 successor may possible release within this year with the MediaTek Helio X20 chipset onboard. It will be the most powerful chipset from MediaTek featuring a deca-core processor.

As far as other specs of the Xiaomi Mi 5 are concerned, it is going to feature 4 GB of RAM, Quad HD screen of 5.2 inches, rear and front cameras of 16-megapixel and 5-megapixel, multiple storage options like 32 GB and 64 GB and a battery of 3,030 mAh capacity. The base model of the Xiaomi is rumored to carry a price tag of about $315.