It looks like Xiaomi Mi 5 is close to seeing the light of day. Xiaomi Senior VP Wanqiang Li recently announced on Weibo that the China-based tech firm is holding a spring conference on Feb. 24, which will highlight the highly anticipated smartphone.

It is believed that during this media event, the long-awaited flagship phone will finally show its face. Fans of the brand will remember that prior to this announcement, it was stated that the device was to be launched this month.

Xiaomi has not put out a flagship phone since July 2014 when Xiaomi Mi 4 was released. It was then clarified that the company does not follow an annual cycle in launching flagships and that it takes them at least 18 months to do so.

With the event locked in for next month, Xiaomi Mi 5 should arrive right on schedule based on the 18-month idea. The longer wait of Xiaomi patrons prove fruitful as well. The delay was apparently due to Xiaomi's desire to use Qualcomm's latest Snapdragon 820 chipset.

Phones with the said unit are expected to come out this year. Many flagships will soon have that goldmine of a processor and knowing that Xiaomi Mi 5 will likely have it as well, this makes it on par with other devices.

The spring conference is said to be a two-hour event. While Xiaomi Mi 5 will be the centerpiece there, some media outlets believe that it will not be the only product that the Chinese tech company will introduce.

That being said, the device may not only be the offering to be showcased during the affair. There's no word on what could be launched along with the flagship, though. Of course, the Xiaomi Mi 5 may, after all, be the center of attraction especially because it took almost two years to arrive.

The smartphone is expected to come with a 5.2-inch Quad HD display. There would also be at least 3 to 4GB RAM in it. The phones will come in three storage options – 16GB, 32GB and 64GB. The flagship will reportedly boast a 16MP/13MP camera combo.