As LG Electronics just began releasing the new LG G4 smartphone in the U.S. via wireless carriers earlier this month, new rumors just emerged suggesting the South Korean giant is already planning to launch a new model, the LG G4 pro device, by the second or third quarter of this year.

The latest rumors also showed up with the new handset's specifications and features, according to reports. The new LG G4 pro smartphone is expected to come with better performance and upgraded features than the recently released LG G4 device.

The rumors show the new LG G4 pro handset will be powered by Qualcomm's Snapdragon 820 processor accompanied by 4 GB worth of RAM. It's also expected to have a more powerful rear camera compared to the LG G4. The LG G4 has a 16 mega pixel rear camera and an 8 mega pixel front-facing camera.

The LG G4 pro will be equipped with a sharp 27 mega pixel rear camera that will come with optical image stabilization and laser autofocus features. For the front camera, it is expected to have the same 8 mega pixel camera.

The new LG G4 pro smartphone will run on the Android 5.1 Lollipop operating system and will have up to 32 GB internal memory storage. It will sport a 5.8 inch IPS LCD display screen with a 1440 x 2560 resolution. Reports also say the new handset will have a metal body and will come in white, grey, gold, leather black, leather brown and leather red colors.

Techno Buffalo recently reported that the new LG G4 pro handset might be released this coming October, possibly before the end of that month. The new handset will likely compete against Samsung's highly anticipated Samsung Galaxy Note 5, since this new phone is also expected to be launched possibly around the same time.