Samsung's next-generation flagship phone, the Samsung Galaxy S5, is expected to compete with the HTC One 2, also dubbed the "M8" and the rumored iPhone 6 phablet by Apple.

The Korean tech giant is expected to release the Galaxy S5 at the Mobile World Congress 2014 in Barcelona, which will be held Feb 24-27. However, earlier release date rumors had also pointed to an earlier January release date at the Consumer Electronics Show, which now seems unlikely.

The Galaxy S5 is set to feature a 64-bit processor with 4GB RAM and the Android 4.4 KitKat operating system, which was launched with Google's Nexus 5 last month. The display may also be upgraded from the 440ppi SuperAMOLED screens to the 560ppi AMOLED screen and 4K capabilities.

There is speculation that Samsung will provide a high-end Galaxy smartphone with an all-metal unibody, similar to the sleek HTC One. This high-end series of smartphones is set to be the Galaxy F line, which will be both dust-proof and water-proof thanks to its all-metal casing.

The Galaxy S5 camera will be even more powerful than it's predecessor's 13 megapixel camera. The camera on the new phone is rumored to match that of the Galaxy S4 Zoom with 16 megapixels and new optical image stabilization feature. It is also set to feature ISOCELL technology.

Samsung has also been developing flexible screens, which may be added to the Galaxy S5. The flexible screen means that the displays are less likely to be shattered. The recently launched Samsung Galaxy Round and LG G Flex have such flexible screens.