It's been almost a year now since Chinese smartphone maker Xiaomi Inc. released its Xiaomi Mi 4 smartphone. The world's third largest smartphone manufacturer is now preparing to launch a new successor, the Xiaomi Mi 5, sometime this year.

GSM Arena reports that a new image of the Xiaomi Mi5 handset, along with its specs and features, has been leaked via the Chinese social media site Weibo.

In addition to the Xiaomi Mi 5, the new leak also details specs of another larger variant called the "Xiaomi Mi 5 Plus". GSM Arena added that the recently leaked specs were in accordance with earlier details, but "there are a few discrepancies."

The new list of specs says the new Xiaomi Mi 5 will sport a 5.2 inch QHD LCD display screen protected by Corning Gorilla Glass 4. It will sport a powerful 16 mega pixel camera on the back and a sharp 13 mega pixel camera on the front.

Under the hood, the Xiaomi Mi 5 will be powered by Qualcomm's Snapdragon 810 processor and a whopping 3000 mAh battery. The new leak hasn't mentioned anything about the RAM, but according to GSM Arena, it is expected to pack 4 GB RAM along with up to 64 GB internal memory storage.

The Xiaomi Mi 5 will run on the new Android 5.1 Lollipop operating system and will enable users to charge their phones quickly. Techno Buffalo reports that the operating system will be Xiaomi's own modified version of the Android called MiUI. The Xiaomi Mi 5 will cost about $386, according to Techno Buffalo.

The Xiaomi Mi 5 Plus is expected to sport a larger 5.7 inch QHD display screen and will come with a 23 mega pixel rear camera and a 12 mega pixel front-facing camera. Internally, it will pack Qualcomm's Snapdragon 820 and a larger 3500 mAh battery, which enables users to fully recharge their phones in just 50 minutes, according to GSM Arena.