Xiaomi Mi 5 will reportedly come with a 5.7-inch display, instead of the rumored 5.2-inch and 5.5-inch screens. Pictured: Lei Jun, Xiaomi founder and chief executive officer, speaks at a company event last year. Reuters/Jason Lee

The flagship Xiaomi Mi5 was reported to be released in November, while the predecessor Xiaomi Mi4 was released in July 2014. The main reason for the delay was said to be the Snapdragon 810 chipset housed in the device. The S810 processor has been criticized for overheating problems, but now, a new report says, the Mi5 announcement can be expected within three weeks.

According to a credible Chinese report, the Xiaomi Mi5 is likely to be unveiled on Aug. 5. The company has scheduled an “annual conference” on that date. It is unanimously believed that Xiaomi will be celebrating the annual event with the introduction of the flagship. The bigger sibling Xiaomi Mi5 Plus is expected to be released in November, notes Phone Arena.

The Xiaomi Mi5 handset will be flaunting a 5.2-inch display with a QHD resolution. Plus, the screen will be protected by the latest Corning Gorilla Glass 4 and will sport the traditional 2.5D edges, notes GSM Arena. The device is expected to be powered by a Snapdragon 810 processor and will be backed by 3 GB of RAM.

The Xiaomi Mi5 will house a solid 16 MP rear-facing camera, plus a 13 MP front-facing shooter for selfies and video chats. Plus, the upcoming flagship will sport a 3,000 mAh battery unit, along with the now-famous quick charging option. In the meantime, according to Android Headlines, the Xiaomi Mi4 successor will be capable of charging from 0 percent to 30 percent within 40 minutes and the site believes that the technology used is Qualcomm’s Quick Charge 2.0. On the software front, the device will run on Android 5.1 Lollipop, straight out of the box.

The Xiaomi Mi5 will set buyers back by 2,399 yuan, which translates to approximately $385, says GSM Arena. The company has not confirmed the Xiaomi Mi5 release date, specifications or price thus far.