Yet another contender for best smartphone of the year award is the LG G5, with its rumored iris scanner.

According to Ecumenical News, if rumors surrounding the upcoming gadget are to be believed, it has long surpassed its predecessor, the LG G4, in many aspects, not to mention that it can have the potential to dominate this year's smartphone market, going head to head with Apple and Samsung.

According to Venture Capital Post, the most notable feature of the LG G5 remains to be its iris scanner in which is a new technology that is still pretty uncommon as far as smartphones go. So far, Tech Times noted that there have only been two other models with this technology, the Chinese brand Vivo X5 Pro and the Japanese brand Fujitsu Arrows NX F04G.

For this year's competition, it has been reported that Samsung's Galaxy S7 will have the same feature.

Other than the rumored iris scanner, what else can make the LG G5 so great?

In a report by Christian Today, LG's latest model is rumored to run on the Qualcomm Snapdragon 810 processor with three variations of memory capacity -- 16 GB, 32 GB, ad 64 GB. If you are unimpressed, the said memory is expandable with the help of the microSD card slot, which can support up to 128GB of external memory.

Display-wise, the LG G5 will sport a Sapphire 5.6-inch screen with a 4K resolution, for greater viewing experience out of the smartphone. It is also expected to have a longer battery life as it supports a 4,000mAh battery. For Instagram and social media users who love snapping photos, it is also said to boast a 20MP main camera with a 5.1MP front snapper for selfies.

Another rumor surrounding the G5 is that it's not part of LG's line of premium devices, which means that for all its glory, the good news is that it will be a mid-range gadget with a mid-range price. The bad news? It may still be made out of plastic instead of metal, and that it may not be as aesthetically pleasing as say, the iPhone, to look at.

However, all these should be taken as rumors as LG hasn't confirmed the specs and features of the G5 yet. No price has been released either, but according to Ecumenical News, it should be in stores by March 2016.

What do you think of these rumors so far, are they enough to make you have another look at the LG handset, or are you more keen on saving up for Apple's next iPhone or Samsung's next model?