Samsung has scheduled a press event for Feb. 24 in Barcelona, where it will likely take the wraps off the much-rumored Galaxy S5 flagship smartphone.

The upcoming Samsung Galaxy S5 is one of the most highly-anticipated handsets of 2014, and is expected to make its debut soon with some top-notch specs and features.

When Galaxy S5 rumors first started to make rounds, various reports claimed that Samsung would announce its new flagship earlier than normal, unveiling the handset in February and putting it on sale in March. More recently, reports indicated that the Galaxy S5 would arrive in March or April, but there's a good chance that the smartphone will make its debut later this month.

Earlier reports claimed that Samsung would unveil its Galaxy S5 on Feb. 23, but the company has now announced that it will be holding an "Unpacked 5" event in Barcelona on Feb. 24, i.e. the first day of the Mobile World Congress (MWC) 2014.

Samsung has not explained why it dubbed its upcoming event the "Unpacked 5," but the "5" may be a hint at the Galaxy S5 unveiling.

Back in early January, Samsung executive Lee Young Hee told Bloomberg that Samsung will be sticking to its launch schedule for new flagships.

"We've been announcing our first flagship model in the first half of each year, around March and April, and we are still targeting for release around that time," Lee told Bloomberg at the time.

A March or April launch, however, doesn't dismiss the possibility of a MWC unveiling. Samsung could take the wraps off its next-generation Galaxy S5 at its Unpacked 5 event later this month, and the handset could make its commercial debut in March or April.

Lee further told Bloomberg at the time that the company was considering eye-scanning technology for the Galaxy S5, but a subsequent report claimed that the tech was not mature enough for deployment yet, and the smartphone would pack a fingerprint scanner instead.

Based on reports so far, the Samsung Galaxy S5 is expected to sport a 5.25-inch QHD display with a high resolution of 2560 x 1440 pixels, pack a powerful quad-core processor, a 16-megapixel camera, a fingerprint reader, and other high-end specs and features. The smartphone is also rumored to come in two versions, one "Prime" and one "Standard," but nothing is confirmed at this point.

If Samsung does indeed plan to unveil its new Galaxy S5 at the Unpacked 5 event on Feb. 24, we'll soon know more about the much-rumored smartphone. Stay tuned for more details as soon as they emerge.