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

After a long wait, here is an official confirmation of a key component and release date of the Xiaomi Mi 5. This news comes from none other than the co-founder and senior VP, Liwan Jiang.

Xiaomi CEO Lei Jun has updated his official Weibo account citing inputs from Jiang’s post. Based on the update, the flagship Mi 5 will be powered by the latest Qualcomm Snapdragon 820 SoC. The handset has apparently entered the mass production phase to stock up on the Mi 5 in order to meet the anticipated demand. Plus, the device will reportedly be introduced after the Chinese spring festival, scheduled in February.

Moving on to speculated Xiaomi Mi 5 specifications and features, GSM Arena says the flagship will come with a 5.2-inch display, aided by either a Full HD or Quad HD resolution. Under the hood, Qualcomm’s Snapdragon 820 chipset will apparently be backed by 3GB or 4GB of RAM options.

The 32GB variant of the Mi 5 will carry 3GB RAM, whereas the 64GB model will feature a whopping 4GB RAM configuration. This handset is believed to flaunt a solid 16 MP rear-facing snapper and a very-generous 13 MP front-facing shooter for selfies.

On the software front, as expected, Android 6.0 Marshmallow OS will apparently run the handset, out of the box with the usual MIUI on top of it. A killer 3,600 mAh battery unit has also been tipped to be part of the device.

Rumour has it that Xiaomi will house the world’s “smallest and fastest” fingerprint reader on the home button. If this feature comes true, the Mi 5 will be first Xiaomi smartphone to carry such an authentication mechanism.

As far as the Xiaomi Mi 5 price goes, earlier reports indicated that the 32GB model will be priced at 1,999 yuan (approx. AU$431), while the 64GB version will set the buyers back by 2,299 yuan (approx. AU$496).

Readers should however note that except for the processor and release date, other Mi 5-related details have not been confirmed by Xiaomi yet.