OnePlus, a relatively lesser known Chinese tech manufacturer, created ripples in the smartphone market when it released OnePlus One - a handset with premium features, but a reasonable price tag. Now the company is set to take on the major smartphone manufacturers again with its latest flagship smartphone dubbed OnePlus Two, which, if latest rumors are to be believed, is expected either in 2015's second or third quarter.

According to Christian Today, while OnePlus Two will retain the 5.5-inch display of the existing model, it will go for Quad HD (1440 x 2560 pixels) instead of the present Full HD (1080 x 1920 pixels).

However, Tech Times reported that company did not agree too enhanced the resolution of the upcoming device. Nevertheless, OnePlus co-founder and director (Global) Carl Pei has promised that "the final product will surprise people."

In fact, Tech Times has also asserted that OnePlus Two will be thinner compared to its predecessor and come with an edge-to-edge display and bezels too are stylishly thin. The device is expected to be powered by a 64-bit Qualcomm Snapdragon 810 processor, making it more powerful. On the other hand, citing leaks from OnePlus retailer Collicool, Know Your Mobile said that the device will be packed with a Snapdragon 805. It also claims that OnePlus Two will have 32 GB storage capacity and a 3100 mAh battery. Other reports say that the device will come with a 3300 mAh unit.

There are also speculations that the OnePlus Two (codenamed Lettuce, while OnePlus One was called Bacon) will sport a 16-megapixel rear-facing camera and a 5-megapixel front-facing shooter. The device will run on Google's latest OS Android 5.0 Lollipop. The device will be available for $435.

According to Pei, OnePlus Two is set for release either during the second or third quarter of 2015. Initially, the Chinese tech firm will sell the OnePlus Two via invite system again, but just "for a short period of time" with a view to avoid excessive inventory and large overheads.