Apple's got a brand new iPhone that is currently going head to head with rival smartphone maker Samsung's popular device the Galaxy S4. Samsung has had a lot of irons in the fire to combat the iPhone 5S and iPhone 5C including the Galaxy Note 3 and the Galaxy Gear Smartwatch. However, many users are wondering when its flagship smartphone will see an update to directly compete with Apple? Luckily for them, it looks like the wait is almost over.

According to a Korean site called Naver, which is run by former Samsung employees, the company is gearing up to launch the next-generation Galaxy S5 device sometime in January of 2014.

This is likely a play that will help the device get a bit of a kickstart in the wake of slowing sales of the current Galaxy S4 model that made so many waves when it was released back in March according to Mashable. The handheld is one of the first smartphones that users have felt directly competes with Apple's iPhone in the smartphone industry.

If the rumors turn out to be true, this puts the release of the next generation Galaxy smartphone less than a year after its predecessor. The Galaxy S4 was released to mixed reviews in March but still managed to rival Apple's long-standing reign as the king of smartphone technology by selling more than ten million units within the first month of its release. However, the smartphone from the South Korean tech giant soon saw sales slump after that.

The Galaxy S5 may be revealed as early as the 2014 International Consumer Electronics Show in January according to the report. However, Samsung has not been reached for comment.

Navel said the device would sport a 16-megapixel camera, a Samsung Exynos processor and possibly an eight-core chip, to go up against Apple's new 64-bit A7 processor.

Now's the time to start creating a wishlist for features you want to see on the new flagship smartphone from Samsung. Any immediate things jump to mind? Comment and share your thoughts with us below.