Samsung is reportedly set to reveal a foldable touchscreen smartphone as early as January 2016, according to rumor blog Sam Mobile.

The rumor is in line with the Korean company's announcements of producing functional foldable devices in 2016.

The tech giant was reported earlier this year to be working on something called "Project Valley," which was described as a smartphone with two displays and "possibly foldable," BGR reported.

The rumors also state that there will be two models. One will have a Qualcomm Snapdragon 620 processor, while the other will have Snapdragon 820. Both will have 3GB RAM, a microSD card slot and a non-removable battery, Mashable reported.

The rumors added that the insight that this foldable smartphone could be the testing ground for the Snapdragon 820 processor, as mobile technology experts believe that it will also be used in Samsung's next-generation flagship device, the Galaxy S7, which is expected to be available in February 2016, according Popular Science.

Samsung is known for introducing foldable display technologies, having introduced the concept at the 2013 Consumers Electronic Show and supposedly showed its first foldable phone prototype in a private meeting at CES 2014, according to Digital Trends.

The company has yet to release a comment as to whether these rumors are accurate, but, as Popular Science notes, there are plenty of people who are hoping for them to be true.