LG has reportedly started working on its G2 successor, purportedly called the LG G3, which will bring a major bump in the specs department.

The LG G2 was a major step forward for LG, and it stirred plenty of interest with its high-end specs and features, as well as unique design due to its "rear key concept."

LG has also made it big with the Nexus 5 it manufactured for Google, and now the company is reportedly working on its own next-generation flagship smartphone.

According to a new report from ZNet Korea, LG has started the development of the LG G2 successor, which will launch in the second half of 2014. The publication learned from some industry sources that the purported LG G3 would boast a QHD display with a resolution of 1440 x 2560, but did not mention the screen size of the device.

The report further notes that the purported LG G3 will pack a powerful octa-core chipset, allegedly codenamed the LG Odin, made by the company itself. The smartphone will reportedly feature a 16-megapixel camera as well.

This is not the first time a smartphone with a QHD display is rumored. Just recently, reports claimed that Samsung's next-generation Galaxy S5 smartphone would rock a QHD display. The Galaxy S5 was also rumored to have a 16-megapixel camera.

As previously mentioned, when the LG G2 launched back in August, it sparked a lot of interest with its new design, which features the volume rocker and power button on the rear of the device rather than the sides, as with most smartphones.

Despite the initial buzz the LG G2 seemed to create, the company reportedly saw disappointing sales of its flagship. A recent report from the Korean media has revealed that LG has sold roughly 600,000 units of the LG G2 in South Korea since it launched the smartphone, and about 2.3 million units worldwide. The company had set a sales target of three million for the LG G2 globally.

The LG G2 successor would repotedly launch in 2014 as a major improvement in a bid to turn things around and boost sales. LG has yet to make an official announcement, however, so for now it is advisable to take all leaks and reports with a grain of salt.