It seems Samsung plans on launching a more affordable version of the Note 3 which it plans to call the Galaxy Note 3 Lite. According to reports, the Korean tech giant wants to put out a cheaper version of the handset sometime around Q1 2014, the same target release of the Samsung Galaxy S5. It appears Samsung is looking to start out the year with a bang.

Reports indicate that a Samsung insider leaked information about the affordable Galaxy Note 3 in Q1 2014. Sam Mobile reported tha the Korean tech giant plans on announcing the product during the Mobile World Congress in Barcelona on February 2014. The cheaper Galaxy Note 3 Lite will come in two variants: black and white.

There are no details yet about the hardware or specs of the Galaxy Note 3 Lite. However, shipping documents were sighted just last week. The documents show that the South Korean company is testing a new device that has 5.49 as well as 5.7-inch screens. The screens sport LCD displays, far from the AMOLED setups of the Note 3 and the Galaxy S4.

Other reported features for the Galaxy Note 3 Lite include an 8 MP sensor in place of the 13 MP shooter found on the previous Note 3. Analysts suggest Samsung compromised the pixels to keep the costs down. People should also expect a downgrade to 720 p. Other compromises could include a downgrade in memory that can be as low as 16 GB.

Samsung has not given any official announcement, so people will have to wait until the company finalises the details.

Q1 2014 will be interesting, as Samsung reportedly will release the Samsung Galaxy S5. Among the predicted features include a 64-bit CPU that could come with the company's first Heterogeneous Multi-Processing (HMP) Exynos big.LITTLE chip. According to several sources, the chip should be able to handle running eight cores all at the same time. Samsung may also include Qualcomm's Snapdragon for additional choice.

The flexible OLED display similar to the Galaxy Round could find its way to Samsung Galaxy S5 as well. Similar to the Nexus 5, the Samsung Galaxy S5 will run on Android 4.4 KitKat unless Google unleashes a new update.