The much awaited successor of the OnePlus One handset has been set. The successor, the OnePlus Two, will make its debut by the third quarter of the year as revealed by OnePlus CEO Pete Lau.

The OnePlus Two will be a high-end device which will reportedly cost just about $400.

If we take Lau's word for it, the OnePlus Two is expected to come up with some impressive specs.

Based on rumors, among those specs include a 5.5 or 6 inch Quad HD resolution (2560x1440 pixels) display that will reportedly be protected by 2.5D glass. Internally it will rely on a Snapdragon 810 processor which will be supported by 3GB of RAM and will feature a finger-print sensor.

Do remember that the above-mentioned specs are based on rumors and OnePlus has yet to confirm these. However, an eye opener could come in the processor – the Snapdragon 810.

Many have probably heard by now that the Qualcomm Snapdragon 810 has gotten some negative feedback, something that is of course associated with the overheating issues. There are some handsets which have opted to use the Qualcomm Snapdragon 808 for the time-being but it seems that OnePlus is taking a chance.

Besides, Qualcomm VP for Marketing Tim McDonough has already shot down these claims. He calls all these rumors as rubbish. Despite his explanations, there is word that the 810 processor does throttle more often that other SoCs so it should be interesting how the said processor would perform with the OnePlus Two handset.

Rumors aside, the price range should be a dandy for the people who were pretty much impressed with the OnePlus One. Will the OnePlus Two successfully debut and gain the interest of OnePlus One consumers? We will find out by the third quarter so stay tuned.