With a 20 megapixel camera, the Galaxy S6 will compete against the next-gen version of LG G4, which is also expected to sport a similar camera. Samsung

Samsung Galaxy S6, the South Korean technology giant’s upcoming flagship smartphone, could feature a 20-megapixel camera with optical image stabilization (OIS) technology, a report said Friday, adding that the new handset could be released soon after its expected announcement in March.

According to Korea’s ET News, Samsung Electro-Mechanics (SEM), a subsidiary of the Samsung Group, is working on a 20-megapixel OIS camera module, which is expected to contribute to the company’s growth in the first quarter of 2015 as Samsung is likely to release the Galaxy S6 two to three weeks earlier than previously planned.

A report from Phone Arena said the ET News report could mean that the Galaxy S6, with the 20-megapixel OIS camera, could be released sometime in March, immediately after the highly anticipated March 2 announcement of the device.

The Chosunilbo, a Korean publication, claimed Wednesday that Samsung may unveil the next-generation Galaxy S6 smartphone on March 2 at the Mobile World Congress in Barcelona. In addition to the standard Galaxy S6 model, the company is also expected to introduce a separate waterproof Galaxy S6 Active version at a later date.

If the Galaxy S6 features a 20-megapixel camera, it will be pitched against the next-generation version of LG G4, also expected to sport a 20 megapixel camera module with OIS technology, which was recently showcased by LG Innotek.

Samsung, whose mobile business has suffered over the past few quarters, is said to be planning a major overhaul of the Galaxy S6, which is being developed under the codename, “Project Zero.” The company is rumored to make significant changes to the device, including a fingerprint sensor and a new version with a curved display.

Other rumors also suggest that the Galaxy S6 could feature a larger, 5.5-inch QHD display with a screen resolution of 2560 x 1440 pixels, a 5-megapixel front camera, a 64-bit octa-core Exynos 7420 processor, 3GB RAM and the latest version of Android 5.0 Lollipop operating system.