Xiaomi recently announced a 17% discount on the Mi 4 smartphone and now it seems like the China-based firm is all set to release its next-gen Mi 5 handset. At its upcoming event scheduled for 11 November, the company is expected to unveil two of its latest handsets.

According to TimesNews, the Mi 5 could be launched this coming week along with another smartphone, as the event's tagline reads "Mi Dual 11". Going by reports, the other device to be launched could be the next-gen Redmi Note 2, as there have been rumours about the device being launched around the same time as the Mi 5.

Key technical specs of Xiaomi Mi 5

Although not official, the Mi 5 could succeed the Mi 4 and incorporate a 2.2GHz quad-core, a 1.8GHz quad-core CPU with a Qualcomm Snapdragon 820 SoC. The device could sport a 13MP rear and 5MP front camera along with a 4GB RAM and 16/64GB non-expandable internal storage. The smartphone would be powered by a fixed 3,300 mAh lithium-polymer battery.

As for the Redmi Note 2 Pro, the handset is speculated to feature key aspects similar to the current-gen Redmi Note 2, but would incorporate a fingerprint scanner and a metallic outer-frame. Google's Android 5.1.1 (Lollipop) would drive the Mi 5 and the Redmi Note 2 Pro.