LG is reportedly preparing to unveil their latest flagship smartphone, the LG G5, in the upcoming Mobile World Congress 2016.

According to Know Your Mobile, there have been recent rumours going around indicating that LG Inc. is planning to launch the G5 handset at the same time as the Samsung Galaxy S7. If rumours are true then this will be the first time in a long time that LG will be doing a handset launch outside of the company's own events.

The Mobile World Congress (MWC) is happening earlier than usual in 2016. The conference will be held in Barcelona, Spain and event activities are scheduled from Feb. 22 to 25.

Tech Times reports that the release of the LG G5 will most likely happen on the first quarter of 2016, and further adds that it is "highly possible" that LG could already be manufacturing their next flagship as early as now.

Reports indicate that the LG G5 will be launching with a 5.6-inch IPS LCD capacitive display with a screen resolution of 1,440 x 2,560 pixels, and will be powered by a Qualcomm Snapdragon 820 processor. It is also said that iris scanning technology developer IRIENCE has created an iris detection security feature for the LG G5, which allows the phone to detect eye patterns from 30 cm away.

However, if it is true that the LG G5 will be packing a Snapdragon 820 chipset, that could mean that the launch of the phone could be coming later than MWC 2016, as Qualcomm has signed an exclusivity deal with Samsung for the chipset until April 2016.

The smartphone's back-facing camera will have 20 megapixels, and the front facing camera will have 8 megapixels. Also in talks is a larger variation of the LG G5, the LG G5 Pro, will also be launched housing a 1.8 GHz hexa-core Snapdragon 820 chip.