Looks like OnePlus is all set to launch its next flagship smartphone which is rumored to come bearing 'OnePlus 5' moniker.

OnePlus chief executive Pete Lau confirmed the handset was in the works earlier this week. As expected, this shred of information was followed by some alleged specs of the OnePlus 5 finding their way on the web via Chinese social media site Weibo.

The OnePlus 5 is said to feature Galaxy S8-like specifications along with a slew of other improvements. As if that weren't enough, there's hearsay that smartphone enthusiasts will be able to get their hands on the device without burning a hole in their pockets. In other words, the OnePlus 5 will be a low-priced phone.

OnePlus 5 Specifications & Features

The next Android phone from OnePlus is expected to boast top-of-the-line specifications. Lining with this, Qualcomm's latest Snapdragon 835 SoC will be firing up the OnePlus 5. While there's no word regarding the processor it will come with, a Weibo post (via Gadgets 360) by Kumamoto Technology suggests it will pack 6GB of RAM (and not 8GB of RAM as previous rumors have indicated) under the hood. The OnePlus 5 is likely to offer 128GB of internal storage. A previous report hints at a possibility of a 256GB with 8GB of RAM configuration in near future.

Kumamoto Technology debunks earlier reports that suggested the OnePlus 5 will sport a vertical dual lens camera. Although the device will feature a dual-lens shooter on the back, it will be horizontal just like the one seen on the iPhone 7 Plus, BGR reported. In terms of optics, the OnePlus 5 was earlier rumored to sport a 23MP rear camera with flash, zoom, and optical image stabilization, and a 16MP front shooter.

Another report from DigitalTrends suggests the device will sport a 3.5mm headphone socket, like all other OnePlus phones. It's worth noting that more and more leading handset manufacturers have been ditching this feature lately.

Furthermore, the OnePlus 5 will be backed by a 3600mAh battery, which is marginally larger than the OnePlus 3T. Aside from that, there will be a considerable 25 percent improvement in charging time as compared to its precursor.

Separately, a bunch of other reports claims that the OnePlus 5 will feature a dual-edge curved display, slimmer bezels than its predecessor and hardware navigation keys. If the Chinese handset maker goes for thinner bezels, it might have to shift the fingerprint sensor to the back, contrary to placing it in the front like Kumamoto's post suggests.