Top executives at Xiaomi have confirmed the launch date of the long-awaited Mi 5 smartphone. Many rumors on the upcoming handset have been doing the rounds in the tech industry for months but the company has yet to provide any details on the Mi 5.

Here is everything that we know so far about the upcoming mobile device.

Specifications

Display: Rumors suggest that the Xiaomi offering will have either a 5.2-inch or 5.3-inch display with a resolution of 2,560 x 1,440 pixels.

Processor And RAM: The Xiaomi Mi 5 is expected to be the first smartphone to come running on Qualcomm's latest Snapdragon 820 processor. Its predecessor the Xiaomi Mi 4 has 3 GB of RAM. If rumors are to be believed then the Xiaomi Mi 5 will come with 4 GB of RAM, which will boost the performance of the device.

Storage: The Xiaomi Mi 5 is speculated to be available in 16 GB, 64 GB and 128 GB built-in memory. The Mi 4 did not include a microSD card slot, which could be used to expand the memory. The same is rumored for the Mi 5, something that may disappoint many smartphone enthusiasts.

Camera: Rumors point out that the Mi 5 may be equipped with a 16-megapixel rear-facing shooter and an 8-megapixel selfie camera. The camera may also get Optical Image Stabilization (OIS), a feature that was absent in the Mi 4.

Battery: A massive 3,600 mAh battery is expected to power the Mi 5 and offer long productivity to users.

Operating System: Google officially released Android 6.0 Marshmallow in October 2015. The new mobile operating system (OS) has a number of new features that has already attracted many Android users. The Mi 5 is also expected to come running on Android 6.0 Marshmallow straight out of the box.

A previous report also suggests that apart from an Android version, Xiaomi may also release a Mi 5 Windows version, which will run on Windows 10 Mobile. Only a handful of smartphones run on Windows and if the Mi 5 is also available with Window 10 Mobile, it may attract many Windows Phone enthusiasts to try the device.

Others: The Mi 5 is said to be available in two models: one with a glass panel at the rear and the front, and the other sporting an all-metal frame to give a more premium feel to the handset.

Most of the top-end smartphones now come with a fingerprint scanner. Xiaomi is also expected to include a fingerprint sensor at the back of the phone, just under the camera lens.

A fingerprint scanner will help users keep their device secure and unlock it without the need of a passcode.

Launch And Release Date

The Mi 4 was launched and released in August 2014, which means that Xiaomi fans have been waiting for a year and a half for the new Mi phone.

Many smartphone makers such as Samsung and LG have already confirmed that they will showcase their new handsets at the upcoming Mobile World Congress (MWC) event starting Feb. 22 in Barcelona.

Xiaomi will also take advantage of the platform by launching the Mi 5 at the event. On Jan. 22, Wanqiang Li, senior vice president at Xiaomi, confirmed via Weibo that the Mi 5 will be unveiled on Feb. 24. In late January 2016, Hugo Barra, vice president of Xiaomi global, confirmed on Twitter that the Mi 5 will be launched on Feb. 24.

Xiaomi #Mi5 media preview in Barcelona on Feb 24—our first time ever hosting an event at MWC. Can't wait! pic.twitter.com/MU0GHsfIc3

— Hugo Barra (@hbarra) January 28, 2016

Hopefully, customers around the globe will not have to wait long for the Mi 5 to hit the shelves after it has been officially launched at the MWC.

Price

Rumors hint that the 16 GB version of the Mi 5 will have a price tag of $625 while the 64 GB variant will cost $728.

Feb. 24 is just a little more than a week away, so customers will be able to get their first glimpse of the Mi 5 and get the full details soon.