LG is reportedly rolling out a new flagship phone for 2018 — the LG G7.

South Korean news outlet Aju Business Daily (via Digital Trends) reports that LG is collaborating with Qualcomm to incorporate the Snapdragon 845 processor into the new LG G7. The report also reveals that both companies have been working on the product since early May.

The Snapdragon 845 will utilize a seven-nanometer construction process to ensure a more compact chip that will drain power less than Qualcomm's Snapdragon 835. Snapdragon 845 is reportedly 20 to 30 percent more powerful than the Snapdragon 835 and consumes 40 percent less energy than its predecessor.

A report from The Investor suggests that the LG G7 will have an organic light-emitting diode (OLED) display, similar to its chief rival, Samsung's Galaxy S8. More mobile manufacturers have shifted toward OLED technology, which is said to be more power efficient and thinner than liquid crystal display (LCD).

The LG G6, the tech giant's current flagship phone, runs on the Snapdragon 821 processor.

Meanwhile, LG is releasing two new variants of the LG G6, namely the LG G6 Pro and LG G6 Plus, later in June. The only difference between the new models and the regular LG G6 is its internal storage.

The LG G6 Plus will have 128 GB of storage, while the LG G6 Pro will have a smaller internal storage at 32 GB. Both models will still carry a Snapdragon 821 processor and will have a 5.7-inch Full Vision display.

The variety in LG's G6 line aims to cater to various consumers with different budgets. The LG G6 Plus will be the premium phone and will be priced at $891. The regular LG G6 will remain within the $801 price bracket, while the LG G6 Pro will be the cheapest at $704.

The LG G7 release date is expected to coincide with the Mobile World Congress 2018, which will be held from Feb. 26 to March 1 in Barcelona, Spain.