People stand near a logo of Xiaomi ahead of the launching ceremony of Xiaomi Phone 4, in Beijing, July 22, 2014.REUTERS/Jason Lee

Having already released a few devices like the Mi 5, Redmi Note 3 and Mi Max, Xiaomi appears to be gearing up to launch yet another handset, the Mi Note 2, which is expected to be more powerful than the flagship device.

There are possibilities of mistaking the Mi Note series for the Redmi Note line, but they are completely different in terms of specifications. The Redmi Note family belongs to the budget category, while the Mi Note series is a high-end one.

In what could be taken as a hint of Xiaomi Mi Note 2's arrival, XiaomiToday posted an image on Weibo with the numbers "2>5." The website suggested that the equation could mean that the upcoming device will be more powerful than the recently-released flagship Mi 5. The report holds some water as the Mi Note and the Mi Note Pro that were released in 2015 were more powerful than the Mi 4. 

The Chinese technology giant is yet to announce the release date of the Mi Note 2, but it is expected to happen soon, perhaps in a few weeks. A report by MobiPicker has claimed that the device will be available in three variants – 32GB internal storage and 4GB RAM model priced at 2,499 Yuan (around $376); 64GB internal memory and 6GB RAM variant at 2,999 Yuan (around $451); and 128GB internal storage and 6GB RAM model at 3,499 Yuan ($526). It is expected to feature a 5.7-inch Full HD display with the top variant expected to feature a 2K dual curved display and a Force Touch support.

Other reports have claimed that the Xiaomi Mi Note 2 will be powered by either a Qualcomm Snapdragon 820 or Qualcomm Snapdragon 821 processor, and house a 4,000mAh battery with Quick Charge. It has also been reported that the 32GB internal memory model will have a 16MP main camera, while the other two variants will house dual 12MP rear cameras. The device is also expected to support fingerprint scanner, NFC, infrared, and Hi-Fi audio.

It may be mentioned that the Xiaomi Mi 5, which was released in April this year, sports a 5.15-inch full HD screen with 1,920x1,080 pixel (428 ppi pixel density), powered by a Qualcomm Snapdragon 820 processor, and runs Android 6.0 Marshmallow based MIUI v7.0. It features a 32/64/128 internal memory, a 3/4GB RAM, a 16MP Sony IMX298 main camera with f/2.0 aperture, phase detection autofocus, OIS, dual-LED (dual tone) flash, 1/2.8" sensor size and 1.12 µm pixel size, a 4MP front-snapper with f/2.0 aperture, 1/3" sensor size and 2µm pixel size and a 3,000mAh with Qualcomm Quick Charge 3.0 technology.