Korea's tech giant Samsung will most likely welcome the New Year with a bang with the rumored release of a new set of smartphones based from the popular Samsung Galaxy Note 2.

Next year, Samsung is expected to release new additions in its artillery of devices based from its signature phablet. Samsung Galaxy Note 2 is a popular device being a smartphone-tablet hybrid. Its successor as well as a downgraded version will soon hit the market. The release will most likely happen either the CES or MWC event early next year.

Rumor has it that the Samsung Galaxy Note 3 is expected to be released soon. According to a report posted by the Korea Times, Samsung Mobile in Korea is developing a new Samsung Galaxy Note and it will reportedly feature a massive 6.3-inch display that will use the AMOLED technology of the Korean tech giant.

Another device to watch out for is a cheaper phablet with the same display size as the Samsung Galaxy Note 2. It is likely that this cheaper Samsung phablet will be seen at the CES in January or the MWC in February.

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 is 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.

If rumors proved to be true, the Samsung Galaxy Note 3 and cheaper version of the Note 2 will be an addition to the artillery of the company. They will help the company ensure a highly competitive place in Android market.

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.

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.

The unlocked version of the Galaxy Note 2 costs $899. However, Australian carriers offer affordable plans for the device.