Lovers of big smartphones are in for a treat as Samsung's Galaxy Note 4 price drops amid recent news about the release of Samsung Galaxy Note 5 in the latter part of 2015.

After news about the alleged release of Samsung's newest addition to the Galaxy Note line, some smartphone sellers like Amazon reportedly offer a $70 discount on the 32GB Samsung Galaxy Note 4, with a 2-year contract, TechTimes reports. As Verizon offers the Note 4 for $299, the $229 price tag seems much more appealing and intriguing, to mobile users.

Could the price drop be signalling the imminent launch of the next-generation Galaxy Note?

According to IBTimes, the new members of the Galaxy Note family are believed to arrive by September or October.

The Galaxy Note 5 is rumored to be released in two versions: the Galaxy Note 5 or codename Project Noble, and Galaxy Note 5 Edge aka Project Zero 2.

These superior new versions of the Galaxy Note are expected to be unveiled during the IFA event which would occur in September, just a few weeks before its alleged release.

The Galaxy Note 5 might be flaunting a flat screen about 5.4 to 5.5 inches in size, while the Galaxy Note 5 Edge is speculated to be sporting a dual-edged curved screen similar to the recently-launched Samsung Galaxy S6 Edge.

Aside from that, the Note 5 is said to have a Super AMOLED display, a 16-megapixel back camera with an OIS feature, a front photo snapper of 8 megapixels, 4GB RAM and 16GB internal storage.

Its interface, on the other hand, could either be in Quad HD or Ultra HD, though the company is believed to be still testing.

Rumors also surfaced regarding Samsung's replacement of Qualcomm Snapdragon CPU which was used in the Samsung Galaxy Note 4. A new, more powerful processor known as the Exynos 7422 is said to be incorporated in the overall high-end specs of the Samsung Galaxy Note 5, reports KnowYourMobile.

The Exynos CPU is deemed to have an all-in-one feature which combines the function of a modem, RAM, storage and GPU in one chip.

And it seems that the Note 4's CPU isn't the only thing that could be missing on the Note 5. News from Vine Report reveals that Google's Android M operating system will not be used for the next-gen Samsung phone, as it did not make it on time.

The report revealed that the new Google OS would be unveiled by May or June and is expected to be released during the early part of October, overlapping the alleged date of release for the Samsung Galaxy Note 5.

Since Samsung might not be able to incorporate the new OS, it is speculated to come with an older version, though there is a high probability that OS upgrades would be made available during the last quarter of the year.