Lei Jun, Xiaomi founder and CEO
Lei Jun, Xiaomi founder and CEO, speaks at a launch ceremony for the Xiaomi Phone 4 in Beijing in 2014. Reuters/Jason Lee

Xiaomi is reportedly working on a new smartphone that will against Meizu MX4. According to PhoneArena, it is going to be Redmi series smartphone with high-end specifications.

The handset is also rumoured to come out as a successor handset for the Xiaomi Redmi Note which came out in March 2014. The details of the alleged device are already revealed along with its price tag on Xiaomi's blog.

The smartphone with an undisclosed product name will be a dual SIM handset that will be fired up by an octa-core MT6595 MediaTek processor along with 3 GB RAM. The chipset comprises of four Cortex A-17 cores clocking at 2.2 GHz and another four Cortex A-7 cores clocking at 1.7 GHz.

PhoneArena claims that the AnTuTu benchmark tests conducted on the MediaTek chip revealed a score of 47,233. The AnTuTu score indicates that the new MediaTek processor is a major powerhouse.

The purported Xiaomi Redmi Note successor will house a 5.5-inch display screen. It is expected to feature a 20.7 MP camera on its rear side and the front-facing camera will be of 8 MP. It is also speculated to feature an enormous battery of 3500 mAh capacity.

The rumoured handset will be available in four storage options. The 16 GB, 32 GB, and 64 GB and are expected to be priced at about $165, $215 and $245. The price of the 128 GB edition is not known yet.

As far as connectivity is concerned, the alleged Redmi Note successor will have features like NFC, Wi-Fi, Bluetooth and 4G LTE. The handset is also expected to come housed with new features like support for gestures and temperature sensors.

The Xiaomi Redmi Note which released in March this year features a 5.5-inch display screen with support for HD resolution and 267 ppi. It is powered with MediaTek MT6592 octa-core processor along with Mali-450MP4 graphics and 1 GB RAM.

The Redmi Note features a 13 MP rear camera and a 5 MP front camera. It comes loaded with Android v4.2 Jelly Bean OS. It supports up to 32 GB of microSD on its external storage and the internal storage of the device is 8 GB. It is packed with 3200 mAh battery.