South Korean company LG Electronics unveiled its LG G Flex 2 smartphone back in January of this year and later released the phone the following month.

Recently, a new rumor has surfaced saying the LG G Flex 3 is already scheduled to be unveiled in March of next year. According to the rumor, The LG G Flex 3 will sport a metal body and a large 6 inch display screen with 2K resolution.

Inside, the LG G Flex 3 will pack a Qualcomm Snapdragon 820 processor and 4GB RAM. Tech Times reports that the phone is expected to have a 32GB built-in memory storage that can be expanded via a microSD card.

In addition, the LG G Flex 3 will also have a 20.7 mega pixel camera on the back and an 8 mega pixel camera on the front, according to the rumor. Other features include a fingerprint scanner that will be placed on the power button, according to reports. Also, it's unclear whether LG plans to retain the same button arrangements found on the previous LG G Flex 2.

Since it's still a long way from March 2016, it's highly possible that all of these specs and features will change by the time the New Year comes.

In terms of the price, Christian Post indicated that the new LG G Flex 3 could cost the same as its predecessor, which is about US$500 to US$700.

In the meantime, the South Korean giant recently announced plans to release its LG Wine Smart flip phone to global markets. This phone was originally known as the "LG Gentle" when it launched in South Korea.

Also, other new devices expected to be released sometime before this year is LG's highly anticipated LG Nexus. Recent rumors say the LG Nexus will sport a 5.2 inch display screen and will run on Google's latest Android M OS.