Chinese smartphone brand Xiaomi, which is known for its affordable range of smartphones such as the £60 Redmi 1S, recently launched the more advanced flagship, Mi 4. Now, it seems that the Mi 4 will get a successor in the form of an even-more advanced Mi 5, as early as during the latter part of 2015.

According to a Chinese report, Xiaomi's Mi 5 will be a pure high-ender that will be driven by the latest 64-bit Qualcomm Snapdragon octa-core processor.

However, the biggest speculation at the moment is that the Xiaomi Mi 5 will likely be launched at next year's Consumer Electronics Show (CES 2015).

As is the norm, Xiaomi's' Mi 5 is expected to get an affordable price tag and is rumoured to cost just $325 (£208) upon release.

The above pricing aspect, once official, should be the USP of Xiaomi's Mi 5. Xiaomi's current flagship, the Mi 4, is priced at approximately $320 (1990 yuan, £205) while the high-end Mi 5 is expected to cost $325. Therefore, it certainly makes sense to own the Mi 5, as buyers will be shelling out only a tad more money than the Mi 4.

Being a typical high-end smartphone like its predecessor, Xiaomi Mi 5 is rumoured to get the following tech-specs, according to a Chinese analyst:

5.7in 2K screen

An octa-core Qualcomm Snapdragon 64-bit processor

Adreno 430 GPU on board

20.7MP rear camera

Also, the Mi 5 is expected to start shipping to buyers in early 2015.

With Xiaomi expected to make an official foray into US markets in 2015, the Mi 5 will certainly be the perfect launch-pad for the China-bred smartphone company (which recently became the third largest smartphone manufacturer in the world) in the country to challenge the likes of biggies such as Microsoft, Apple and Samsung.

However, the existence of Mi 5 is still to be confirmed officially by Xiaomi, and the above rumours need to be taken with a pinch of salt until the official confirmation.

As of now, Xiaomi is gearing to launch the Mi 4 flagship smartphone in India, where the device is expected to get a price tag of £308 (INR 30,900).