Xiaomi MI Note 2
Xiaomi MI Note 2 shown in the picture for representation purpose.Twitter/HugoBarra

Xiaomi is leaving no stone unturned in making its place irreplaceable in the competitive smartphone market. Following the success of budget and mid-range smartphones, the company is now upping the game on the flagship front – at least that's what the latest string of rumours suggest.

Xiaomi Mi 6 is the latest flagship by the company, but another premium smartphone is in the making that will make your jaws drop. This new smartphone will succeed last year's Mi Note 2 and evidently be named Mi Note 3. The handset is expected to pack a punch – at a price that will match the likes of Mi 6, OnePlus 5 and others.

XiaomiToday listed the key specifications of Mi Note 3, which will easily justify the premium price tag. The flagship smartphone is expected to feature a 5.7-inch 2K curved OLED display by Samsung, and a new tech similar to Samsung's Infinity display. There's also going to be a dual camera setup at the back to match the quality of Mi 6, which features a 12MP wide angle lens with OIS and a 12MP telephoto lens.

Mi Note 3 will draw its power from a Snapdragon 835 chipset, paired with 6GB RAM in the base variant and 8GB RAM in the premium model. The storage options include 128GB and 256GB for the entry-level and high-end models, respectively. The handset will pack a large 4,070mAh battery with Quick Charge 4.0 support.

Interestingly, Mi Note 3 is going to be the first smartphone to run Android Nougat-based MIUI 9 despite rumours about Mi Mix and Redmi Note 3 smartphones with the latest software have been reported in the past.

Xiaomi hasn't officially announced the existence of Mi Note 3, but the rumours, if true, look promising. The actual launch date of the handset remains a mystery, but the report generously tipped the price of Mi Note 3 to be $599 (Rs 38,800 approximately) for the 6GB + 128GB variant and $699 (Rs 45,300 approximately) for the 8GB + 256GB model.

Upcoming flagships like OnePlus 5, Samsung Galaxy Note 8, Nokia 9 and even the iPhone 7s series will have a new rival in the form of Mi Note 3 this year. Stay tuned for updates.