Lei Jun, Xiaomi founder and CEO
Lei Jun, Xiaomi founder and CEO, speaks at a launch ceremony for the Xiaomi Phone 4 in Beijing in 2014. Reuters/Jason Lee

According to a confirmed report, Xiaomi's president Lei Jun will be announcing its upcoming flagship smartphone for 2015 at the CES event scheduled for January. Reportedly, the flagship device may be called as Xiaomi Mi5 or Xiaomi Mi4S.

Very recently, an alleged image of the Xiaomi Mi5 in black hue has been leaked. Based on the leaked image, the display size of the Mi5 is reported to be in the ambit of 5.5-inch and 5.7-inch. It is worth noting that, the current-generation Xiaomi Mi4 comes with 5.0-inch glass display. And the leaked image resembles the original Mi4 version in every way, except for the bigger screen size, says Phone Arena.

Notably, a couple of weeks back, a white version of the Mi5 was making rounds online. The earlier leak also showcased the front-facing camera and the light sensor. In addition, the alleged handset will reportedly feature ultra-thin side bezels. Apparently, the Mi logo is embossed on the front of the handset and Xiaomi's MIUI can also be seen on the powered-on device.

The 5.5-inch or 5.7-inch display clad Xiaomi Mi5 will flaunt a killer screen resolution of 1,440 x 2,560 pixels. The phone will reportedly be powered by a 64-bit (Qualcomm Snapdragon 810) processor and will be backed by a good 3 GB of RAM configuration. However, Gizmo China says the Mi5 may not utilise Snapdragon 810 as Samsung Galaxy Note 4 S-LTE will be the first device to be powered by the said SoC. Instead, Xiaomi will settle for Snapdragon 805 processor.

With respect to camera specification, there will reportedly be a 20.7 MP rear-facing camera unit, similar to the Sony Xperia Z3 and Xperia Z3 Compact. However, no information is available at this time on the front-facing selfie camera of the device.

If the reports are to be believed, Xiaomi will also release a limited edition model of the Mi4 adorned in the much-loved sapphire crystal. Moreover, the company will reportedly manufacture a total of 50,000 units of the aforesaid limited edition variant.

At the beginning of January the CES 2015 conference will commence and many new flagship handsets will be introduced during the event. Meanwhile, interested readers can check out the Xiaomi Mi5 or Xiaomi Mi4S in black from Gizmo China. What do you think of the Xiaomi Mi5? Feel free to leave comment.

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