We have been hearing a lot about Xiaomi's upcoming flagship device but nothing has been made official so far. The closest thing to official we have on Mi 5 right now is the company's CEO Lei Jun describing it to be "very, very good" and "worth the wait." But the real specs of the Mi 5 smartphone remain classified.

Nonetheless, there has been a stream of rumours flowing to give us all an early look and feel about the Mi 5 smartphone. Rumours have it that Xiaomi will launch the much-talked-about Mi 5 smartphone early next year. Jun said the company is in no hurry to launch Mi 5 and that it is working to make the device flawless by integrating bug-free software and value-added features.

In terms of specifications of the handset, Mi 5 is expected to be a major overhaul over its predecessor Mi 4. The 2016 flagship is expected to flaunt a metallic build with rounded corners and a Home button with integrated fingerprint sensor.

Earlier reports have pointed towards a 5.2-inch Quad HD display with 2560 x 1440 pixel resolution with Gorilla Glass 4 protection, 20-megapixel rear-facing camera with dual LED flash, PDAF and OIS, and an 8MP wide-angle lens on the front side of the device for selfies in the Mi 5.

Xiaomi's upcoming flagship is said to be the first device to run on Qualcomm Snapdragon 820 chipset. It will have 4GB RAM, 32GB/ 64GB storage, Android 6.0 Marshmallow based MIUI 7. Under the hood, there will be a 3,000mAh battery that will power the handset for a day before needing another charge.

Rumours also indicated that Xiaomi will incorporate Apple-like 3D Touch feature in its display and also feature a USB Type-C port for charging and data transfer.

Even with these high-end specs, Xiaomi will keep the cost of the device somewhere around 2499 Yuan (approx $385 or Rs. 25,000).