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

Samsung Electronics is keeping mum on the release date of its upcoming flagship smartphone dubbed as Galaxy S6, but several reports have claimed that the device would see the light of the day in the first quarter of 2015.

The company has also repeatedly cut the price of the Galaxy S5 over the last few months, giving a strong hint that the launch of its successor is not far off.

Samsung Galaxy S6 is expected to be unveiled at the upcoming Mobile World Congress (MWC 2015) event to be held from 2 to 5 March before hitting the stores a little later. However, Samsung is yet to confirm the reports.

Interestingly, the South Korean electronics giant has repeatedly cut the price of its current flagship smartphone, the Galaxy S5 over the last few months in India.

The Samsung Galaxy S5 is now available on its online store for ₹34,900 against the previous price tag of ₹37,500 (price cut: ₹2,600) and the Samsung Galaxy S5-LTE is available for ₹36,900 as opposed to ₹40,300 earlier (price cut: ₹3,400).

The first price-cut came in September, just five months after it was unveiled. The second deal came in October with the price of the Samsung Galaxy S5 being slashed from ₹43,250 to ₹37,500, with a discount of ₹5,750, and the Samsung Galaxy S5-LTE price coming down to ₹40,300 from ₹45,290, which is ₹4,990 less.

After three price-cuts over the last three months, Samsung Galaxy S5 is now ₹16,600 less than the original price of ₹51,500, and the Galaxy S5-LTE is ₹16,548 less than its original price of ₹53,448.

Samsung may slash the price of Galaxy S5 even further ahead of the launch of Galaxy S6, which is expected to happen in the first quarter of 2015.

The Samsung Galaxy S6 is expected to come with several feature upgrades over its predecessor. It is expected to sport a 5.5-inch display with a 1,440x2,560 quad HD resolution (554ppi) and protected by metal body. Likely to be powered by either Qualcomm Snapdragon 810 or Exynos 7420 processor, the device will run on Android 5.0 Lollipop and may come packed with 32/64/128GB internal memory and 4GB RAM. It also could also house a 21mp main camera and 6mp front snapper and 4,000mAh battery.