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A security guard stands in front of a screen showing Xiaomi mobile phones ahead of the launching ceremony of Xiaomi Phone 4, in Beijing, July 22, 2014. Reuters/Jason Lee

The old has gone, the new has come...at least for the Xiaomi Mi Note smartphone, which is expected to be replaced by a successor model currently dubbed the Mi Note 2 soon. And the new is believed to be arriving with insane specs too.

According to fresh speculations, the Xiaomi Mi Note 2 phablet will house a 5.7-inch display that is likely to carry support for a Quad HD resolution of 2560 x 1440 pixels. Previous rumours had suggested that it will be arriving with a dual-edge screen, but this isn't confirmed by the latest MI Note 2 rumours.

However, the rumour mill does claim that the smartphone will be arriving with a 3D Touch-like feature that is already available on the iPhone 6S and 6S Plus smartphones, which will allow the device to distinguish between lighter and harder touch gestures on the screen.

Other rumours indicate that the Xiaomi MI Note 2 will feature either a Snapdragon 820 or 823 chipset. The SoC will be coupled by 4 GB of RAM. There are also suggestions the device may be powered by 6 GB of RAM, Android Headlines reported.

In terms of storage, the MI Note 2 is expected to be available in multiple storage options of 32 GB, 64 GB and 128 GB. It is even expected to come with 256 GB of storage, and could house a 16-megapixel IMX928 sensor from Sony that will carry support for Optical Image Stabilization (OIS).

It is also tipped to come equipped with a massive 3600 mAh battery capacity, and to carry support for fast charging.

In comparison, the Mi Note Pro that was released at the start of 2015 comes with a 5.7-inch screen that supports full HD resolution of 1920 x 1080 pixels. It is powered by a Snapdragon 801 chipset that is now obsolete. The SoC is coupled with 3 GB of RAM. Other specs include a 13-megapixel camera, 4-megapixel frontal shooter, and 3000 mAh battery.