Samsung Galaxy S5
New Samsung Galaxy S5 smartphones are seen on a display at the Mobile World Congress in BarcelonaReuters / Albert Gea

With Samsung Electronics having released its flagship devices – Galaxy S5 and Galaxy Note 4 – this year, the attention of the people has been drawn towards its next Big Thing, the Galaxy S6, and reports have it that the upcoming device may come with lots of significant changes to take on its rivals in the smartphone market.

The South Korean technology giant's upcoming flagship device, the Galaxy S6 is currently in its early stages of development and is codenamed "Project Zero," according to a report by SamMobile, citing sources. 

"Our sources report that Samsung is probably developing its next-generation flagship device from scratch, with an entirely new vision, hence the codename," reported the website.

It may be recalled that Samsung had earlier used codenames like Project J for the Galaxy S4, Project K for the Galaxy S5, Project H for the Galaxy Note 3, and Project T for the Galaxy Note 4, but it has gone for a very different codename – Project Zero - for its upcoming smartphone, the Galaxy S6, hinting that it could be revamped completely.

It seems like Samsung has learned a lesson from its Galaxy S5, which failed to make good business like its predecessors. The device was released with some feature upgrades but without significant changes from the Galaxy S4, which could have been backfired through relatively low sales.

The response on the Galaxy S5 was reflected in Samsung's earnings in the third quarter of 2014 with the profits from its mobile division falling 73.9 percent to 1.75 trillion won ($1.6 billion), which is the worst performance the company has faced since the second quarter of 2011.

Now, Samsung seems to be gearing up to release a device with a complete overhaul to compete with its rivals, especially Apple's iPhone.

The specifications of the Galaxy S6 are still kept in dark except Samsung executive's revelation in July that the new smartphone would be made of new materials. However, a report by Chinese publication Sina, which was translated by G For Games, claimed in August that Samsung's new device could be made mostly out of metal and that the company was looking to strike a deal with companies like Foxconn, Pegatron and Winstron, which are loyal to Apple Inc., to manufacture metal casings.