Xiaomi's plans to launch a new flagship device this year is no secret. There have been plenty rumours and leaks suggesting the imminent release of the Xiaomi Mi 5 this month.

Now, there is another major hint dropped by Xiaomi itself, in the form of a common practice among all smartphone manufacturers ahead of a new release. Xiaomi Today reported that the Mi 4's price on the company's official eStore has dropped by $35 (Rs. 2,300), selling the handset for Â¥1,299 ($205, Rs 13,500).

The price cut in China strongly hints that the release of the Mi 5 is just around the corner. With the price cut, Xiaomi Mi 4 retails at the same price as its cheaper variant, Mi 4c, at ¥1,299 ($205, Rs 13,500), making it a worthy purchase now more than ever.

Those who always wanted to pick up the Xiaomi Mi 4 can finally take advantage of the price cut, which is likely the final one until the Mi 5 arrives.

Of course, all eyes are on the Mi 5, which has garnered a lot of attention, with leaked specs hinting at the best selection of specifications. It is one of the most awaited handsets of 2015, but delayed multiple times, especially since the Mi 4 was released more than a year ago in August 2014.

Xiaomi is expected to pack top-of-the-line specifications into the Mi 5. It is said to feature a 5.3-inch QHD display with 2560 x 1440 pixels resolution, Corning Gorilla Glass 4, fingerprint scanner, USB Type-C port and a 3,030mAh battery.

Additionally, it will reportedly be powered by Qualcomm's next-gen Snapdragon 820 chipset, but there have been conflicts on this front. A separate report from Mobi Picker last month suggested the chipset in use would be MediaTek's Helio X20 SoC. We'll know for sure when the 2015 flagship officially releases later this month, as rumours suggest.

As for the remaining specs, the Xiaomi Mi 5 will likely pack 4GB RAM, 16-megapixel rear-facing camera with dual-LED flash, 5MP front snapper, 32GB/64GB storage options and a price tag starting at around $399, approximately Rs 26,500.