Samsung is expected to reveal it's next-generation flagship phone – the Galaxy S5 – in January 2014.

Latest rumors surrounding the flagship phone points to an eye-scanning sensor, which would allow users to unlock the phone with their eyes. If this rumor is true, the security would be better than Apple's fingerprint sensor embedded in the iPhone 5S.

Initial release date rumors pointed to a March 2014 launch, but latest reports suggest that the company will introduce the device two months earlier than previously thought, at the January Consumer Electronics Show. The phone is then set to launch officially in February at the Mobile World Congress in Barcelona.

The device was rumored to come with a powerful 14-nanometer 64-bit Exynos processor, but the chip will likely not be produced in time for the slated launch. However, the smartphone is still expected to pack a 64-bit processor, including 3GB RAM, and Android 4.4 KitKat OS. Google is set to unveil the Android 4.4 KitKat operating system later this month.

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. There's even word that Samsung will finally revert from its traditional plastic covers to an all-metal or aluminum cover which will be dust-proof and water-proof.

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.