Although anticipation is rife that the much-awaited Mi5 will make an appearance alongside Xiaomi's latest Android skin, the MIUI 7, it's more likely that the mid-range Redmi Note 2 will be launched that day next week, GizmoChina reported, citing a Chinese tech site that has previously proved accurate with such leaks.

The current model Redmi Note is hugely popular in markets including India, where after an initial batch was sold out, it was impossible to get a new set, especially at the brick and mortar stores of Bharti Airtel Ltd., India's largest wireless carrier. When Xiaomi released the 5.5-inch phablet in November, with one version supporting 4G in India, it also announced its first partnership for physical store sales -- with Bharti. The handset's popularity and its sub-10,000 rupee price (about $160) ensured the phones were sold out.

For the new avatar of the Redmi Note, which has long been rumored to be in the works, think Mi4i with a 5.5 inch screen, and the display resolution bumped up to 1080p compared to the current Redmi Note's 720p. Other specs include the eight-core Snapdragon 615 processor, which does duty currently on the Mi4i as well, 2GB RAM and 16GB internal storage. Cameras are of the same resolution as the ones on the Mi4i, with 13MP for the primary and 5MP for the selfie shooter.

GizmoChina reported that one Chinese retailer already has a page listing the Redmi Note 2 for pre-orders for sale from Aug. 16, with the 32GB version listed at an extremely low 799 yuan ($130). If that price and the specs are correct, the device could be a big hit in India, especially given that the 16GB Mi4i itself is priced higher at around $205.