Samsung will reportedly release the next installment of its Galaxy S series smartphones by early next year. So far, several features have been thrown into the mix that the Galaxy S5 will allegedly be sporting. Here's a quick look at what people are expecting from the new phone.

Merely over nine months after the South Korean tech giant released its flagship smartphone, Galaxy S4, rumors have already been swirling that Samsung is set to gear up for another smartphone release. While it may be a little early for the release - given that the Galaxy S4 was announced in March and dropped in stores on April - reports say the dwindling sales of its predecessor push Samsung to do the early launch.

So far, there have been several features that will reportedly be included in the S5. Among the rumors is a 16 megapixel camera for the smartphone. TrustedReviews.com notes that device will sport a better rear-mounted cam - better than the 13 megapixel camera of the Galaxy S4 or the Note 3.

Design n' Trend notes that the smartphone will also be packed with a 64-bit Exynos chip, and that Samsung has "nearly completed development" of the mobile CPU. The new processor will go head-to-head with Apple's iPhone 5S and its A7 chip.

"The new CPU is set for the upcoming Galaxy S5 release barring any set backs. Rumors about the chip suggest that it will be able to utilize a 14nm process and be based on ARM's big.LITTLE platform (like the Exynos 5 octa) and use Cortex-A53 and Cortex-A57 cores to push all cores simultaenously, which will help reduce battery power consumption," Design n' Trend wrote.

Aside from the 64-bit chip, reports say Samsung is also packing the S5 with an eye sensor to battle the 5S' Touch ID sensor. GSM Arena writes that the sensor will allow users to unlock their phones using their eyes.

So far, Samsung has kept mum about all the reports surrounding what could be its next flagship device. The company has yet to comment on the issue.