A Xiaomi company's logo is pictured during a presentation to celebrate the entry of the company into the Mexican market, in Mexico City, Mexico, May 9, 2017.REUTERS/Edgard Garrido

While Samsung, Apple, Google and others make premium, high-end smartphones with top-of-the-line features, brands like OnePlus try to make devices that compete with the biggies without a hefty price tag. Xiaomi, which is considered a solid competitor in markets like China and India, is working on its next flagship for early next year.

Xiaomi Mi 7, as it is being called, will be launched sometime in the first quarter of 2018, challenging Samsung, which plans to launch the Galaxy S9 series around the same time frame. The reason why the Mi 7 poses a threat to the Samsung flagship is the list of features that make it an ultimate smartphone.

According to GizmoChina, Xiaomi Mi 7 is going to get onboard with the FullView display trend and offer bezel-less design for its flagship smartphone. Even though the company was one of the first to offer truly bezel-less designs in the market with the Mi MIX last year, Xiaomi did not use that in any other smartphones. But the Mi 7 will change that with its 6.01-inch full screen OLED display, which will be made by Samsung.

Xiaomi Mi MIX 2 Special Edition
Xiaomi Mi MIX 2 Special EditionTwitter/Xiaomi

Besides a new design form, the Mi 7 is expected to be an Android powerhouse. It is rumoured that the phone will have Qualcomm's yet-to-be-announced Snapdragon 845 chipset with 6GB RAM. Under the hood, the smartphone is going to have a 3,350mAh battery – same like the Mi 6. In terms of improvements, Xiaomi is like to add wireless charging capability in its Mi 7.

But there are reports hinting at a significant improvement in the optics. The Mi 7 is going to sport two 16MP sensors on the back, with one of them featuring a large f/1.7 aperture. Since the cameras have been quite a bit of a challenge for Xiaomi, it remains to be seen how the Mi 7 changes the perspective for the company.

Xiaomi Mi 6Xiaomi / Twitter

The front camera is likely to bag a 16MP sensor for great selfies. Other features in the Mi 7 include a rear-mounted fingerprint scanner and a 3D facial recognition technology that will manage the security of the device.

Finally, it's the cost of the device that'll determine the success of Mi 7 in various markets. If the new report is to be believed, the Mi 7 will cost around ¥2,699 in China, translating to about $400/ Rs 26,000 plus customs and taxes in the international markets.

Xiaomi refrained from launching the Mi 6 in India, claiming the device is too expensive for the market. But given the company's massive growth in India and favourable response to the Mi MIX 2 smartphone, the company might reconsider. In fact, it is possible the Mi 7 will launch alongside other international markets outside China.