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

Xiaomi is all set to launch its next generation flagship device, the Mi5 on Feb. 24. As the Xiaomi Mi5 release date draws near, the company begins sending out invitation for the device's grand launch.

“Mi5 launch event will take place in China National Convention Center on Feb. 24,” according to the MIUI blog. For the past couple of months, the Xiaomi Mi5 has been at the centre of all speculations, rumours and leaks.

Here's a round-up of known specs and features, so far:

Display and design

The all-metal clad Xiaomi Mi5 is expected to sport a 5.2-inch Full HD or Quad HD display with a resolution of 1,440 x 2,560 pixels. The handset boasts of a 2.5D curved glass protected by Corning Gorilla Glass 4, according to unconfirmed reports.

The Mi5 rumours suggest that the smartphone might be the first Xiaomi handset to house a touch-sensitive display technology similar to Apple’s 3D Touch used in iPhone 6s and 6s Plus.

The Xiaomi Mi5 is tipped to come in Black, Gold, Pink and White colour variants.

Other Xiaomi Mi5 specs include support for NFC (Near Field Communication) and fingerprint scanner. The smartphone will reportedly host the smallest and fastest fingerprint scanner in the world.

Related: Xiaomi Mi 5 vs. Huawei Mate 8; comparison of specifications, availability and price

Processor and storage

Earlier confirmed by Liwan Jiang, co-founder and senior VP of Xiaomi, the Xiaomi Mi 5 will be powered by the latest Qualcomm Snapdragon 820 chipset. Under the hood, the smartphone will reportedly come in two RAM configurations.

The base model will house 3GB of RAM with 32GB built-in storage whereas the larger sibling with 4GB of RAM will incorporate 64GB of native memory.

Software

Xiaomi’s upcoming flagship is said to run MIUI 7 on Android 6.0 Marshmallow, according to unofficial reports.

Alongside, the Xiaomi Mi5 will most likely arrive in Windows 10 Mobile version as well, as reported by WM Power User. Last year, Xiaomi teamed up with Microsoft to release the Windows 10 Mobile ROM. The recently released Mi Pad 2 tablet comes in both Android and Windows 10 versions.

Related: Xiaomi Mi 5 vs Xiaomi Mi 4: How the upcoming flagship is superior to its predecessor

Camera and Battery

As far as camera is concerned, the Xiaomi Mi 5 is expected to feature a 16-megapixel rear facing camera unit along with a generous 13-megapixel front shooter for selfies.

Xiaomi Vice President Hugo Barra recently shared camera samples of the Mi5. He posted few snapshots taken with the Xiaomi Mi5 on his Facebook page.

The smartphone is rumoured to house a massive 3,600 mAh battery supported by Quick Charge 3.0 technology.

Price and availability

According to unofficial sources, the 3GB RAM version is anticipated to be priced at CNY 1,999 (AU$429) while the one with 64GB built-in storage and 4GB RAM will cost CNY 2,299 (AU$493). The company is yet to confirm the Xiaomi Mi 5 price.

Previous rumours suggest that the Xiaomi Mi5 will go on sale within a week after its launch. If rumours are to be believed, the smartphone should be available for purchase by the end of February.