Due to the reported decline of Samsung's sales in several places, the company is now gearing up to create the best smartphone in the Galaxy S flagship series - the Samsung Galaxy S6 or code name Project Zero.

The device is not expected to be released until later in 2015, however, various rumors about the release date have been sparked over recent weeks due to the emphatic success of rival Apple's iPhone 6 and iPhone 6 Plus. That coupled with declining profits for Samsung, have led many to believe that the company may move the release date of its flagship Galaxy S6 phone forward to early 2015. Whether this is true or not remains to be seen, but as usual, nothing official has been leaked by Samsung yet about the new device's launch date.

However, despite the silence on the release date, rumors are spreading about the potential specs of the new device.

The sixth-generation of Samsung's Galaxy flagship will reportedly sport a Quad HD (2,560x1,440) display. In addition, the camera will have an IMX240 sensor, similar that of the Galaxy Note 4, although the company has yet to decide whether to equip it with a 16-megapixel or a 20-megapixel primary camera.

The front camera of the device will be upgraded to 5-megapixels, similar to the recently introduced Galaxy A series.

Meanwhile, when it comes to the smartphone's storage capacity, it will have 32GB internal storage, as a base, while 64GB and 128GB versions of the device will also reportedly be available.

An expandable memory is also expected to be a feature of the Samsung Galaxy S6.

Exynos 7420 will be the chipset of the device, which is Samsung's first SoC with active 64-bit support.

The brand new Wxynos 7420 processor has Cortex-A53 and four Cortex-A57 cores.

Additionally, Samsung reportedly developed an in-house LTE modem, which is expected to replace the current Intel modem that Samsung is using for its LTE devices.

Similar with other recent Galaxy S flagships, the S6 will still have a Snapdragon variant, the Snapdragon 810, which is the Qualcomm's first top of the line 64-bit chipset.

When it comes to the device's RAM, the Galaxy S6 will have a 3GB memory, which is more than enough to handle all of the smartphone's applications.

Despite the leaked specs, the device is still in the early stages of conceptualization and can still change in the coming months.