Samsung is set to release their next flagship handheld device, dubbed as Galaxy S7. There are swirling rumors that the South Korean-based company is now working hard to develop the next "S" series.

According to SamMobile, the multinational conglomerate company is set to release two different kinds of their much-awaited smartphone just like Galaxy S6 and S6 edge. The variants of the Galaxy S7 will be SM-G930 and SM-G935, which will have two different, displays; a flat one and dual-edge curved.

The upcoming flagship phone will be developed with the "agile development technology" that will let the phone's development cycle cut off by two months, as noted by Phone Arena.

The Galaxy S7 has a codename of Project Lucky and will be released with Exynos 8890 processor while the other one will possess Snapdragon 820 SoC, as added by SamMobile. Qualcomm already gave a newer prototype of Snapdragon 820 chipset, especially for Samsung.

The new chipset was said to have better performance compared to its predecessor. Also, the new devices will feature UFS 2.0 storage, which is already used by the Galaxy S6 and other high-end phones made by Samsung. Too, they are testing waters to use a dual camera setup for some and 20-megapixel ISOCELL camera sensor for others.

BGR took note that the two S7 models will be carried by Verizon, AT&T, T-Mobile, Sprint, Cricket, MetroPCS and US Cellular in the United States. Too, KT, LG Uplus, SKTelecom in Korea and Bell Mobility in Canada will have these units for sale. Other carriers, on the other hand, will be later announced on the launched.

Moreover, the site also added that Samsung internally called their project as Hero and Hero 2. As rumors have it, it will be equipped with microSD storage, which some were already asking to be in Galaxy S6. However, since external cache will be owned, it was said that S7 will just be in 32GB and 64GB models

Meanwhile, Phone Arena cited that the standard version of the Galaxy S7 will also have an extra-sized phablet version. There are no words yet about how much the forthcoming device will cost, but it might range up to £600 to $650 or AU$1,100, as wrote by TechRadar.

Phone Arena also noted that the S7, if Samsung's report was true, will be unveiled in January 2016 and will have it commercial release in the following month, February.