South Korean giant Samsung Electronics released its Galaxy S6 smartphone back in April, and now the company is reportedly preparing to release a new successor, the Samsung Galaxy S7.

Earlier reports suggested that Samsung might release the Galaxy S7 sometime by the second half of this year, but others have claimed otherwise saying the phone will definitely come out only by next year, possibly in March.

Apple Inc., on the other hand, is also planning to release a new successor to the iPhone 6, which was launched last September alongside the iPhone 6 Plus. PC Advisor UK reports that new images were recently leaked by the website 9to5Mac, giving a glimpse of the phone's case and inner components.

Here's what to expect from the two new handsets in terms of the specs.

Earlier rumors suggested that the Samsung Galaxy S7 will sport a 5.5 Super AMOLED display screen with 4K pixel resolution. It will run on the latest Android M mobile operating system and might have 4GB RAM and up to a whopping 128 GB internal memory space.

Internally, it might come with either an Exynos processor or a Qualcomm Snapdragon, according to Tech Times. For the cameras, Latino Post said the Galaxy S7 might come with a very powerful 30-megapixel rear-facing camera and a 10-megapixel front-facing camera for extremely sharp selfies.

For the iPhone 7, PC Advisor UK reports that the phone will come in the same body thickness as its predecessor. In addition, new rumors say the iPhone 7 will also pack within itself a Qualcomm LTE chipset for faster downloads, and a minimum 16GB internal memory storage.

The iPhone 7 is expected to run on the new iOS 9 mobile operating system. iOS 9 is scheduled to be launched before the end of this year. Also, the new iPhone handset is expected to have the Force Touch technology for its display screen along with a fingerprint sensor. At this time, it's unclear what other specs the iPhone 7 will come with under the hood.