Recently, the Samsung Galaxy Note 4 has undergone a price cut, which, according to many, is an indication that the South Korean tech firm may be releasing its successor, the Galaxy Note 5, anytime soon. This is primarily because, when any device goes through a price cut, it is an indication that the launch of a new model is near.

Quoting recent reports, IB Times states that Samsung is preparing to unveil its Galaxy Note 5 phablet either in September or October. There are reports that the upcoming phablet has been codenamed Project Noble. It is also being rumored that the Samsung Note 5 will also come with an edge-display-clad version dubbed as the Galaxy Note 5 Edge and codenamed Project Zero 2. It is expected that the company will announce both these devices at the IFA 2015 show, which is scheduled for Sept. 4-9 in Berlin. According to IB Times UK, the formal release of these devices may commence in subsequent weeks.

Following the latest price cut, consumers can now purchase the Galaxy Note 4 phablet for only $229 with a two-year contract via Amazon and for $299 from Verizon. Tech Times says that this will enable the potential customers to save $70. However, the discounted price of the new Galaxy Note 4 price is only available on the 32 GB storage model. Customers have been given the option to choose between between white and black colors.

The Galaxy Note 4 was released in October 2014 and is considered to be the best phablet in the Note series released so far. Already Samsung has sold millions of Galaxy Note 4 units.

In terms of specifications, it is expected that the Galaxy Note 5 smartphone will feature either a 5.4-inch or 5.5-inch Super AMOLED display. As far as the camera configuration is concerned, the Galaxy Note 5 will boast a killer 16 MP primary rear shooter with OIS support along with a congenial 8 MP front-facing snapper for selfies. The other rumored main specs of the device include 16 GB of in-built storage and 4 GB of RAM unit.

According to Know Your Mobile, the Galaxy Note 5 will be powered by a superior processor unit paired with a high-density EPOP memory. The memory unit of the device will supposedly house "3GB LPDDR3 DRAM, 32GB eMMC (embedded multi-media card) and a controller." However, Samsung is yet to reveal the specs of the upcoming device.