The Samsung Galaxy S5 will soon be officially unwrapped during the Mobile World Congress in Barcelona, Spain.

Samsung will officially launch its new flagship smartphone on Feb. 24 in Barcelona in what it aptly calls "Unpacked 5: Samsung Unpacked 2014 Episode 1."

While the manufacturer did not confirm the unveiling of the Galaxy S5, all signs point to that direction. Samsung uses its Unpacked events to welcome its alpha smartphone such as what it did to the Galaxy S4 when it used the teaser "be ready 4" prior to its event in New York.

"You've been waiting for a long time for this. Samsung Unpacked 2014 Episode 1 is coming up! At previous Samsung Unpacked events, we've shown you the 'The Next Big Thing. On March 2013, Samsung introduced the Galaxy S4, on September 2013, Galaxy Note 3 and Gear," the company announced on its blog.

Earlier reports forecast an April launch of the Galaxy S5 citing Lee Young Hee, who is the company's VP for mobile. Lee had revealed that the company is looking to the possibilities of using an iris scanner for the latest top of the line handset. However, KGI Securities analyst Ming-Chi Kuo predicted that the device maker might opt for a fingerprint scanner instead to go toe to toe with Apple. Sources in Korea also corroborated the prediction of the popular analyst in the mobile phone niche, citing fingerprint scanning as a more effective and secure biometric technology.

There have also been leaks about the user interface of Samsung's newest flagship phone. The TouchWiz homescreen, based on the images that surfaced, seems to boast a big makeover and has a new look that's similar to Microsoft's Metro and Google Now.

Other rumored specifications of the S5 include an eight-core 64-bit Exynos chip or a quad-core Snapdragon processor, 2,560 x 1,440 ultra HD AMOLED screen, 3GB RAM, a 16MP main camera, and a bigger battery with a 4,000mAh capacity. The new flagship smartphone will most likely run using Android KitKat.

The Barcelona event will also be live blogged and live streamed.

What 2014 Episode 2 will be, is another story.