With the small iPhone SE already out in the market, users are starting to consider going old school with smaller form factors for smartphones. Allegedly, another tech giant will follow in Apple's footsteps, as rumors suggest Xiaomi is also in line to release a 4.3-inch flagship.

According to speculations, the China-based tech giant is reportedly developing a new flagship based on the Mi 5's specs, including the new Snapdragon 820 processor. If it turns out to be true, then fans may see a "mini" version of Xiaomi's recently launched Mi 5.

The new flagship will reportedly house a 4.3-inch display. Whichever screen tech is used, the display will still offer a 720 x 1280 resolution. With the top-tier Snapdragon 820 chipset inside it, other specs may also be premium grade, such as at least a 3GB RAM and an above-average internal storage. According to GizChina, the new iteration will launch by mid-2016 and will share a similar design to the Mi 2.

However, fans are advised to take the speculation as mere hearsay, at least until some confirmation from Xiaomi comes out. Apparently, the image that industry observers are basing the speculations on is a manipulated photo. According to Phone Arena, the image which supposedly showcases a "mini" Mi 5 is actually a cropped and edited photo of the Mi 5, published in February by industry follower The Verge.

Xiaomi has yet to comment on the rumors as the company is still focusing on a complete roll-out of the Mi 5 lineup. The most recent release of the flagship is for the Indian market, and Xiaomi is also working for a global release of its third variant, the Mi 5 Pro.