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

Xiaomi is reportedly planning to release a new device called the Redmi 4 after launching a series of handsets, including the Mi 5, Redmi Note 3 and Mi Max. It appears like the Chinese technology giant is not going to give up on budget smartphones, for which it earned recognition, as it is keen to produce more cheap handsets.

A report by PhoneRadar has claimed that Xiaomi is expected to release the Redmi 4, successor of the Redmi 3, sometime next year and could be powered by MediaTek Helio X20 processor unlike its predecessors that has Qualcomm Snapdragon chipset. It reported that the Redmi 4 has been mentioned in the leaked list of MediaTek Helio X20 processor, giving a hint that a new Redmi device with the said chipset is in line. 

Xiaomi released the Redmi 3, successor of the Redmi 2, earlier this year before launching the Redmi 3 Pro and the Redmi 3s. However, the Redmi 3 and Redmi 3S are available only in China, so it is not known if the upcoming Redmi 4 will follow its predecessors or be made available outside China when launched.

The Xiaomi Redmi 3 comes with a price tag of 699 Yuan (around $106 / Rs. 7,200), so its successor is very likely to be a budget smartphone. Released earlier this year, the device sports a 5-inch IPS LCD capacitive touchscreen with 720x1,280 pixels (294 ppi pixel density), powered by a Qualcomm Snapdragon 616 processor and runs Android 5.1 Lollipop based MIUI 7.0. It also has a 16GB internal memory expandable up to 256GB via microSD card, a 2GB RAM, a 13MP main camera with f/2.0, phase detection autofocus and LED flash, a 5MP front-snapper with f/2.2 aperture, and a 4,100mAh battery.