Samsung may have other plans in battling Apple's iPhone 5 launch next month. Korea-based tech giant may release a smaller and cheaper version of its successful smartphone - Samsung Galaxy S3.

A report emerged claiming that Samsung planned to counter Apple's launch by releasing two smartphones. Many anticipated that Samsung Galaxy Note 2 will be released later this month. However, new reports claimed that Samsung is also working on a device, which is the Galaxy S3 Mini.

The Samsung Galaxy S3 Mini version is said to feature a smaller screen display with 4-inch size and super AMOLED feature, 5-megapixel rear camera and dual-core processor.

The kicker is the price of the device, which is expected to be a lot cheaper than the upcoming iPhone 5. If the rumors hold truth, the mini version of the Galaxy S3 will be at par with the functionality of the iPhone 4S.

The Samsung Galaxy S3 Mini is not the only device that Apple should be worried with. Samsung is also rumored to be working with another variant of Galaxy S2 - Galaxy S2 Plus. However, there is very limited information leaked about this device.

Both devices are expected to arrive on the fourth quarter of this year and just in time for the holiday shopping season. If the rumors are true, Samsung will get past Apple's iPhone 5 with four smartphones under its belt.

Samsung is known for catering to various target markets and offering a wide array of devices to different walks of life. With the release of new products, Samsung wants to increase its dominance and presence in the smartphone market.

In the last quarter, Samsung dominated the smartphone market with over 60 percent of market share. And recently, Samsung released a solid iPad competitor in the Galaxy Note 10.1 tablet. Moreover, and the company will unveil the much-anticipated Galaxy Note 2 at a media event in Berlin on August 29.