Samsung has reportedly sold more than 7 million units of Galaxy Note. The company seems to be quite confident that the successor to Galaxy Note will also be a big hit. And reports are on a hike that the Samsung is working on another phablet, which is rumored to debut this fall.

As reported by MK Business News, the Korean tech giant is readying Galaxy Note 2 with powerful processor and flexible display. Galaxy Note 2 will pack quad-core Exynos processor, but it is unknown whether it will be based on latest Cortex-A15 chipset or the current Cortex-A9 technology. There will also be a larger flexible display in the device.

It is to be noted that Samsung showed off a new Super AMOLED flexible display, dubbed YOUM, at Consumer Electronics Show earlier this year. The mass-production of YOUM flexible panels begins in second half of 2012 and the smartphone featuring YOUM display, which is believed to be Galaxy Note 2, is scheduled to arrive in fall. You can know more about the YOUM display here.

The South-Korean Web site also claims that the smartphone will feature upgraded 12-megapixel camera and will run the upcoming installment of Google's mobile operating system dubbed Android 4.1 Jelly Bean.

Recent rumors also claim that Galaxy Note 2 will boast 5.5-inch Super AMOLED display. The phablet is likely to pack Samsung Exynos 5250 processor, which is based on Cortex-A15 architecture. The design is rumored to be similar with Samsung Galaxy S3. Samsung will launch the smartphone in U.S. with dual-core processor and 4G LTE connectivity.

The publication claims that the new Galaxy Note is Samsung's answer to Apple in smartphone wars. Apple iPhone 5 is likely to arrive in fall with 4-inch display, 4G LTE connectivity and upgraded processor.