As big as the hype and the expectation, the most talked about and must-awaited flagship Xiaomi Mi 5 failed to show up in the recent product launch event of the China-based company. Now, rumor mills are back to churning new info for the long overdue device's release date.

During this event, however, Xiaomi CEO Lei Jun talked about the highly anticipated handset. He was quoted by Android Authority as saying that the smartphone, which he apparently uses as his daily driver, will be "close to perfect" when it makes it out the company's door, adding that it will be "worth the wait" (via NDTV).

Jun also clarified that the company allots 12 to 18 months in producing flagship products and doing the math, the company has eaten up 16 months for the Xiaomi Mi 5. This means that the device is close to showing up. In fact, the smartphone is expected already be around by February.

This piece of info adds up to the forecast of analyst Pan Jiutang, who claimed that Xiaomi is planning to launch the premium smartphone in its home country's Spring Festival, which is held every February. That being said, the handset may not be too far away.

For months now, there has been a bounty of rumors and leaks involving the Xiaomi Mi 5. At the moment, speculations paint a picture of another top-tier, must-have smartphone with either a Qualcomm Snapdragon 820 processor or the MediaTek Helio X20 chipset powering up the beast of a handset.

It is being said it will come in a 5.2 or 5.3-inch Quad HD display with a beautiful 554ppi pixel density. The device will allegedly offer 4 GB RAM and two storage options – 16GB and 64GB. A 16-MP rear-facing shooter will be there, as well as a 3,000-mAh battery to keep it alive for long hours.

A previous rumor hinted that the Xiaomi Mi 5 will be unveiled by Dec. 3 but in the recent turn of events, this report now becomes unlikely.