The Samsung Galaxy Note 4 is widely considered by industry experts as arguably the best phablet on the market, but Samsung is about to up the ante as it is set to launch an even better version of the flagship phablet, South Korea-based technology site The Electronic Times reports.

The website, citing industry sources, reports that Samsung Electronics is set to launch Galaxy Note 4 S-LTE as early as this week.

The Galaxy Note 4 S-LTE is expected to come with the Exynos 5433 mobile application processor (AP, and developed by Samsung on its own), which is significant part of implementing the maximum speed of 300Mbps, and will also enhance the performance of application processing.

The new version of the Note 4 will be offered initially by SK Telecom as the flagship device for the Korean carrier's new LTE-A network, BGR reports.

Worldwide release for the South Korean electronic giant's new flagship phablet is yet to be announced.

It's been reported that Samsung is in close competition over performance with fellow Korean company LG, with LG's G Flex 2 set to be released on January 30. This in turn is expected to translate into a fierce competition between mobile carriers.

The G Flex 2 is the first mobile device to sport the Qualcomm Snap Dragon 810 AP, while the main upgrade for the new Galaxy Note 4 is the Samsung-developed Exynos 5433 AP.

According to the Electronic Times, these chips are key to implementing 300Mbps, which is the maximum speed the current 3-band CA can realize.

Zach Epstein of BGR has stated that while the current Galaxy Note 4 has not sold as fast as rival Apple's iPhone 6 Plus, with its unique software features that make great use of its giant display, it stands as the best phablet in the world.