The OnePlus 3 was initially rumored to launch by the middle of June given that OnePlus Co-Founder Carl Pei stated in an interview with CNET that the phone wouldn't launch until toward the end of the second quarter of the year. However, according to Gizmo China, the phone may launch a little earlier than expected.

According to the report, the phone may instead launch as early as May 18 to May 28 although there is no specific event yet confirmed that would tie the phone's launch with one of the company's current schedule. However, this launch date would still put the OnePlus 3 at a late Q2 release.

The report also points out that the launch will not just feature a single phone but two. The first variant is the standard edition of the OnePlus 3, which will come with 4GB RAM and the Snapdragon 820 processor. It will come with 32GB of internal storage space. The other is a more powerful unit, with 6GB RAM, the same Snapdragon 820 processor and 64GB storage space.

It is further speculated that the phone will come within the $350 to $380 price range, although there are rumors that the standard variant may cost as little as $310, which is cheaper than the initial launch price of the OnePlus 2. The company has yet to confirm or deny any of the speculations regarding the phone's potential price range.

According to the report, at least one of the phone models will feature NFC (Near Field Communication), which was taken out from the OnePlus 2. It is speculated that the more powerful variant, with 6GB RAM, will have NFC although it is possible that even the standard model will bring back NFC due to the high demand. 

While no official photo has been released, Pei has stated that the OnePlus 3 will have a new design and that it may be smaller or thinner than the OnePlus 2.