Samsung Galaxy Note 7
Samsung is expected to launch the Galaxy Note 7 edge in early August. Pictured: The Galaxy S6 edge+ and Galaxy Note 5 at Samsung Unpacked 2015 on Aug. 13, 2015, in New York City. Ilya S. Savenok/Getty Images for Samsung

According to a report from South Korea, Samsung is ready to begin production of its next flagship smartphone next month, with the company expected to have 5 million Galaxy Note 7 units ready for when the phone launches in August.

The report from ET News says Samsung will produce 2.5 million phones in July and another 2.5 million in August, making a total of 5 million phones available straight after launch, which the report says will take place on Aug. 2 in New York — backing up earlier reports — with the new smartphone going on sale soon after. The report also says Samsung has increased its initial supply compared to last year's Galaxy Note 5, which had 5 million units for the entire first quarter it was on sale, suggesting Samsung is expecting improved sales results.

The new phone, which will be the latest in the company's large-screen Galaxy Note range, will be the successor to last year's Galaxy Note 5, but widespread reports suggest Samsung will skip a generation to launch the Galaxy Note 7.

There are also reports, however, that Samsung will call the new phone the Galaxy Note 7 edge, as it is expected to have dual curved-edge screen, similar to the Galaxy S7 edge that launched earlier this year. A leaked teaser image published earlier this week seems to back up these claims.

Samsung had significant success in the first half of the year after launching the Galaxy S7 and Galaxy S7 edge a month earlier than the launch of its Galaxy S6 models in 2015, and by launching the Galaxy Note 7 earlier than it launched the Galaxy Note 5, it will be hoping to repeat that success.

Other reported specs for the new phone include an iris scanner, a large 4,000mAh battery, a dual lens camera arrangement, a 5.8-inch display with a 1440 x 2560 pixel resolution, Qualcomm's very latest Snapdragon 823 chipset paired with 6GB of RAM and, for the first time on a Samsung smartphone, a USB C port for charging and data transfer.