A new entry-level smartphone that is said to be pitting against the Redmi Note and Yu Yureka will be launched by Lenovo this year, and it will reportedly be unveiled during the 2015 International Consumer Electronics Show next week. 

According to reports, the Chinese tech giant will be unveiling their latest device said to be equipped with a 5-inch high definition IPS display featuring a resolution of 720 x 1280 pixels with a pixel density of 294 ppi. It also has a 1.2 GHz quad-core Qualcomm Snapdragon 410 processor, as well as 16 GB of built-in storage with 1 GB RAM as well as an expandable memory card slot. It will also be released 4G LTE-ready. Moreover, the upcoming mobile device will have an 8-megapixel primary rear shooter as well as a 2-megapixel front facing camera. 

Reports are also saying that the upcoming release from Lenovo will be a rebranded device from the smartphone manufacturer, called the Lenovo K3, which was exclusively launched and sold in China earlier in December. 

The Chinese mobile brand will also release the new device at highly competitive prices. Once the company releases the smartphone in India, it will be given a price range of Rs 10,000 or below, which makes it fall under the same class as Xiaomi's and Micromax's budget-friendly smartphones. Lenovo's venture into the entry-level smartphone market comes after the company stated its intention to come up with a device that will compete with the widely successful releases of the Chinese phone manufacturer and India's leading consumer electronics company. 

Lenovo will also release a smartphone that will be exclusively available to the Chinese market, yet details about the said device are still scarce at the moment.

The Lenovo press launch is scheduled to take place at the CES 2015 event which will be held from Jan. 6 up to 9 in Las Vegas.