Fans are anticipating the coming of the GoPro Hero 5 which was previously rumored to be by the end of the year. However, new reports are claiming that the release date of the product may be pushed until next year to give way to significant upgrades and go far from the level of a highly-competitive but very cheap action camera alternative.

According to VCPost, the Xiaomi Yi Action Camera, which was introduced earlier this year, had an amazing set of specifications just like the GoPro for only $64.

Adventurous people would rather go for this affordable camera which offers almost the same features as the pricey GoPro device.

"Yi is a 16 MP camera with twice as much frames recorded and accommodates 128 GB storage as compared to GoPro Hero. Its also WiFi capable," VCPost wrote and noted that this clearly challenges what GoPro can offer.

Hence, it is not surprising that GoPro is crafting a much improved iteration for its upcoming camera release. Sources say there will be major revamps and more developed features in terms of the following:

1. Video recording

The device will reportedly have an A10 chip for a 4K resolution with 60 frames per seconds, dual lens for 3D video recording and waterproof feature that can get by up to 60 meters deep.

2. Battery life

ValueWalk has learned that the battery life of the GoPro Hero 5 will be improved by 150 percent as it may have a 2,800 mAh battery—obviously far better than GoPro Hero 4's 1,160 mAh battery.

3. Connectivity

Users are expecting the Hero 5 to have Wi-Fi and bluetooth connectivity and also have HDMI ports.

As for the price, the GoPro website has not yet indicated how much the new action camera will cost, but ValueWalk said the price could be between $400 and $500, which is not far from the tag of the current GoPro Hero release.

The delay in the release date could definitely upset users who are already looking forward to making another end-of-the-year upgrade. However, ValueWalk explained that this could mean a good thing for the fans of the action camera as the company would still have enough time to make necessary developments.

"GoPro has already indicated that it intends to add a huge amount of spec improvements to this next-generation gadget, with the intention of not merely increasing performance, but also delivering brand new features," ValueWalk said in a report.

The site also noted that the longer it may take for the camera to come out in the market, the better it will be since GoPro will be able to properly achieve their vision for the device.