According to latest reports, the Xiaomi Mi 5 will arrive in February. Also, it is confirmed that the Mi5 will pack Qualcomm's Snapdragon 820 processor.

Liwan Jiang, Xiaomi's co-founder, said that the Xiaomi Mi 5 is ready and in volume production. Jiang further said that the phone will be launched after the Spring Festival to have sufficient time for stocking up.

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It means that the Xiaomi Mi 5 will be launched in early February, possibly on February 8. The device is expected to have a 5.5-inch display with 2,560 x 1,440 resolution. Rumors are also doing the rounds that the Xiaomi Mi 5 will feature an IPS LCD.

It is available in two color options: white and classic black. However, according to some reports, the Mi 5 will be available in four colors: pink, white, gold and black.

Reports also suggest that the new device will be powered by Snapdragon 820, TechnoBuffalo reported. It is believed that the  Xiaomi Mi 5 will have a 3,800 mAh battery.

However, it is not known whether the phone will feature a MIUI 6 or MIUI 7 user interface. The Xiaomi Mi 5 is believed to have an 8-megapixel front-facing shooter and a 16-megapixel rear camera.

Also, the phone may sport a pressure sensitive screen. According to reports, the phone will come in two variants: 4GB of RAM with 64GB memory and 3GB of RAM. The Mi 5 will run Android Marshmallow.

Meanwhile the mobile manufacturer Xiaomi has also confirmed that the Redmi 3 will be released in a few days.

According to reports, the Xiaomi Redmi 3 will have a 16GB of inbuilt storage that can be expanded through microSD card, 5-megapixel front-facing camera, a 13-megapixel rear camera, 4G LTE support, an octa-core CPU clocked at 1.5GHz coupled with 2GB of RAM,  5-inch HD (720x1280 pixels) resolution TFT display.

The phone weighs 143 grams and runs Android 5.1.1 Lollipop operating system. The device is said to come in silver colour variant. Furthermore, the Redmi 3 will come with a 4100mAh battery, according to a Times Of India report.