With the Apple coming down off of its sales high that resulted from the release of the latest installment in its flagship lineup of smartphones, the iPhone 5S and iPhone 5C, many in the tech world are wondering when the Cupertino Calif. company's sales rival, Samsung, will fire back with a new smartphone all its own.

So far the Samsung Galaxy S4 has been able to compete directly with the iPhone in most major markets but the South Korean Tech giant can't rest on its laurels for too long. However, new reports from the company indicate that fans might not have long to wait.

According to GottaBeMobile, the Samsung Galaxy S5 is rumored to be unveiled sometime in early 2014 with the most promising dates pointing to an January unveiling and a February release. On top of that, the site seems to think the device will come with not one but two designs, including a premium version of the next-generation smartphone that will be made out of metal. Around this time last year the Galaxy S4 rumors were stirring up buzz in the Android smartphone community, which put people on the edge of their seats leading into the new year. Now it looks like there will be more of the same in 2014.

Thus far, rumors about the specs of the device include a 64-bit processor, possibly an Exynos 6 type, a 16MP camera sensor with ISOCELL technology for use in low-light environments, a design that could be metal or could be similar to the Galaxy Note 3 design, a 5-inch display, 3GB of RAM, a 4,000 mAh battery and Android 4.4 KitKat as the default operating system (unsurprisingly).

Unfortunately for those who were hoping they'd be able to stuff their loved one's stocking with a new Samsung Galaxy S5, it looks like the productions of the phones is not scheduled to come out in time for the holiday season at all.

Tell us what you think about the rumors for the new Samsung Galaxy S5. Given the rumored specs, is it enough to make you switch from or to an iPhone? Comment and share your thoughts with us below.