Xiaomi is not done yet as far as their smartphone offering is concerned with rumors about another device set to follow the recently launched Xiaomi Mi 4i.

As most may have probably know by now, the company has already released the Xiaomi Mi 4i that improves on the previous features found on the Xiaomi Mi 4.

It runs on Android 5.0 Lollipop out of the box and sports a larger 3,120 mAH battery though a lighter (130 grams) device to carry overall. As a whole, the Xiaomi Mi 4i is similar to Apple's iPhone 6 though running on an Android OS.

Other features that the Xiaomi Mi 4i carries include a 5-inch 1080 full HD display, a 13MP rear camera and a 5MP front-facing shooter.

The Xiaomi Mi 4i relies on a Qualcomm Snapdragon 615 Octa-core 64-bit processor backed by 2GB of RAM and provides users with 16GB of internal storage.

With regards to the next device planned for release, it will reportedly be closely similar to the Xiaomi Mi 4i. Hence, potential buyer may more or less find the same specs mentioned above with the only difference being the processor.

According to Chinese analyst Pan Jiutang, the next Xiaomi device is expected to have a different (and more powerful) processor which could possibly be pointing to the Snapdragon 808 Soc processor. This is the same 64-bit processor that powers the LG G4 and hence stands to be the only improvement for the yet to be divulged variant.

With a higher processor could mean a change in pricing as well. However Jiutang believes that the next Xiaomi Mi smartphone could very well be priced somewhere between the Redmi and Mi series which should be reasonably priced as well.