After bagging this year's Gadget of the Year Award at the Pocket-lint awards with its Galaxy S6 Edge, rumors about Samsung's next flagship device are abounding, with the latest speculations stating that the company's new iPhone rival is set to be priced 10 percent cheaper than its current flagship model, the Galaxy S6, according to The Daily Mail.

The change in price is designed to make the handset much more aggressive in the market, especially since the arrival of the iPhone 6S and 6S Plus have renewed the rivalry between the world's top smartphone manufacturers. The Galaxy S7 is also rumored to be equipped with a curved screen, as well as a pressure-sensitive touch interface that is similar to Apple's 3D Touch technology featured in the iPhone 6S and 6S Plus.

Apart from a killer price, the device will also feature killer specs. Equipped with a high-end Qualcomm Snapdragon 820 chip, the device has reportedly scored 2456 in single-core performance and 5423 in multi-core performance, reports Computer World.

If the reports are true, then Galaxy S7's single-core performance is quite close to that of Apple's A9 chip, which lies in the heart of its current flagship devices. The S7's multi-core performance completely leaves the Apple chip in the dust. Also, the frame of the device is set to be upgraded to a magnesium alloy, making the handset a lot more durable than the glass and metal construction of Samsung's current flagships.

A release date of February 21, 2016 has also been reported. Samsung, however, has refused to confirm any of the rumors as of writing.

For more business news, click here.