As reported by the IBTimes, previous rumors suggested that the Xiaomi Mi Note 2 might launch simultaneously with the Redmi Note 4 in July. However, it is now August and the phone has yet to be released. According to the report, fans won't have to wait for long as the Xiaomi Mi Note 2 is rumored to come out this week. 

According to the report, the rumor originates from analyst Pan Jiutang (via Gizmo China) who claims that an inside source confirmed that the Xiaomi Mi Note 2 is coming out within the next few weeks. It is now speculated that the phone will be out in the market before the second week of August.

However, as stated by Android Pit, there is no guarantee that the phone will be released outside the Chinese market. It is speculated that the phone may eventually reach US shores and be sold domestically whether or not Xiaomi intends to release an international version of the phone or not.

The report also claims that the Xiaomi Mi Note 2 is likely going to cost a total of 2,499 Yuan which roughly converts to $375. It is yet to be determined if this is indeed going to be the final market price for the phone when it launches outside of China. 

The IBTimes state that the phone is going to a 5.6-inch Full HD display paired with a unique dual 12MP rear camera or a 16MP camera depending on the version of the phone. It is also expected to come with the brand new Qualcomm Snapdragon 821 SoC, 6GB RAM and its internal storage options start at 32GB. 

It is also stated that the phone will come with a 4,000 mAh battery that will allow the phone to remain functional for hours even when it is used at its full capacity for games, browsing and video recording. Fast charging technology has yet to be determined for the phone.