Is Samsung already planning out the release for the new Galaxy S5 smartphone? According to recent reports the tech company is planning on launching the next installment of their flagship series as soon as early 2014.

So if you're already tired of the Galaxy S4, you probably want to know what specs and features to look forward to.

As fans have grown accustom to, expect advancements to the S5's camera, display resolution and processor to be feature in the next release.

What does that mean specifically?

Rumors indicate a possible 16 megapixel camera, and a 64-bit Exynos processor chip, putting the Samsung phone on par with Apple's A7 chip found in the iPhone 5S. 

"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 simultaneously, which will help reduce battery power consumption," according to Design N' Trend.

Stay tuned for all release date, specs and features rumors for the new Galaxy S5.