Ahead of the Samsung Galaxy S3, which launches later this year, LG is reportedly developing a similar device. The company has confirmed a D1L codename, though it remains tight-lipped on other aspects.

The news comes from Digital Daily's sources, who reported on Monday that the device will land in May 2012. Samsung has not officially confirmed a release date since delaying the device earlier this year. Rumors and leaked images have suggested the device could launch in April or May.

The specs of the D1L are a 4.7-inch screen, a 1280x720 pixels resolution and a 1.5GHz dual-core Snapdragon S4 processor. The Samsung Galaxy S2 had a 1.5GHz dual-core Snapdragon S3 processor, so Samsung is likely using the S4 in the S3.

For comparison, Digital Daily's source said the Galaxy S3 would have the same resolution. If true, LG seems to be going spec-for-spec with Samsung, with both devices likely to run Android 4.0 Ice Cream Sandwich.

The phone will also support LTE, so seeing the phone on Verizon would be no surprise, with a 3G HSPA+ version for Europe.

Samsung has grown used to setting the bar with the other Galaxy S devices, so competition would give consumers more choice in the high-end market. Whether LG will launch with stock Android, or go with a custom skin, is unknown at this point.

Being competitive with the Samsung Galaxy S3 would require a big effort on LG's part, the company that tried to bring 3D phones to the fore through devices such as the LG Optimus 3D. However, the device didn't appeal to a wide range of consumers as a viable alternative to the Galaxy S2 or the iPhone. Clearly, the company will need more than competitive specs to be attractive.

Samsung could be facing stiff competition among carriers, too. Information for the device surfaced showing support for Verizon.

Android has plenty of plus four-inch devices, with the Samsung Galaxy Nexus having a 4.65-inch screen while the HTC One X and S devices have 4.7- and 4.3-inch screens respectively.

No official name for the device has been revealed, or a release date.

(reported by Jonathan Charles, edited by Dave Clark)