Sony Xperia Z3 release date is pegged to happen on Sept. 3 and the smartphone is expected to boast a 50MP rear camera and a 3GHz processor.

Sony reportedly scheduled to unveil its new range of devices at a press event on Sept. 3. It was reported that the star of the event will be the company's upgraded versions of its flagship smartphones – Xperia Z3 and Xperia Z3 Compact.

A post in Xperia Blog reads: "Mark your diaries Sony fans, we have received word that Sony's 2014 IFA press conference will be taking place on Wednesday 3rd September from 16:15 to 17:00 CEST. Expect new smartphones such as the Xperia Z3 and Z3 Compact to be announced along with hopefully some new wearables such as the SmartWatch 3 and the latest iteration of lens-style cameras."

Rumors claimed that the new Xperia Z3 smartphone will come with the latest Snapdragon 801 processor clocked at 3.1GHz and will be paired with 4GB of RAM. This ensures that the smartphone will have a more incredible performance compared to its predecessor. Moreover, the word is out that the handset will also pack an implausible 50MP rear shooter. However, Sony has not revealed the official spec sheet of its upcoming Xperia smartphones.

Leaks pertaining to the Xperia Z3 and Xperia Z3 Compact are nothing new as it happened on several occasions recently. According to rumors, the Xperia Z3 will sport a 5.15-inch screen display; quad-core Qualcomm Snapdragon 801 processor; 3GB RAM; 32GB of internal storage capacity, microSD card slot for additional storage; 20.7-megapixel rear camera, and a 2-megapixel front shooter.

Sony Xperia Z3 Compact, on the other hand, will pack a 4.6-inch full HD display; a quad-core Qualcomm Snapdragon 801 processor; 3GB of RAM; 20.7-megapixel rear camera, and a 2-megapixel front shooter. The miniature version of Sony's flagship phone always comes with high end specs and the company is expected to keep this trend.