It is rumored that tech giant Samsung is working on a cheaper version of its prime phablet Samsung Galaxy Note 2 with downgraded specs.

According to Samsung rumor website SamMobile, the South Korean mobile manufacturer is planning an entry-level phablet, which will be a variant on the current Samsung Galaxy Note 2. It's claimed that "Samsung wants everyone to try bigger screens."

The rumored cheaper Samsung Galaxy Note 2 will reportedly come with a similar form factor. Thus, expect a 5 or 5.5-inch display but no S Pen stylus. The report also said that Samsung will omit the Samsung Galaxy Note 2's Super AMOLED display, which is known to be quite a pricy component to produce.

The original Samsung Galaxy Note 2 also sported a 1.6GHz quad-core CPU accompanied by 2GB of RAM , which we may not see or will be replaced if these rumors of a cheaper variant proved to be accurate.

Samsung Galaxy Note 2's 8-megapixel rear camera has been around for some time now. There is a chance it could remain intact for any new budget device. A 5-megapixel replacement is another possibility.

These speculations emerged when Samsung Galaxy Note 2 hitting five million sales within two months of going on sale, it makes a great deal of sense. The public clearly has a taste for the 'phablet' form factor.

This is not the first time that Samsung will make a cheaper version of its popular device. The tech giant released the Samsung Galaxy S3 Mini, which is the downgraded version of the best-selling Samsung Galaxy S3.

Samsung's phablet made quite a buzz as it boasts some amazing features such as incredibly fast processor, massive screen display, S-Pen and 4G/LTE connectivity. Below are the comparison of the specs and features of the two devices.

Many critics and reviewers doubt the appeal of the phablet at first. However, its massive screen display and other features attracted consumers. Samsung Galaxy Note 2 wowed Aussies at a fancy launch event in Sydney last month as the device finally hit Australian shores.

The unlocked version of the Galaxy Note 2 costs $899. However, Australian carriers offer affordable plans for the device. At the launch event, Samsung demonstrated some special perks of the device for Aussies. The smartphone will offer a split-screen mode on the smartphone-tablet hybrid, which allows users to open two apps at a time.

Samsung Galaxy Note 2 proved to be a popular device in a short period of time. In a recent report, a spokesman from Samsung said that Galaxy Note 2 surpassed that 5 million mark after it went on sale worldwide.