Samsung's Galaxy S7 could be priced cheaper than the Galaxy S6 to lure more customers away from Apple's iPhones.

According to China-based analyst Pan Jiutang's prediction, the tech giant will reportedly sell the Galaxy S7 10 percent lower than its predecessor, Times of India reported. Currently, the 32GB Galaxy S6 can be purchased for around $559 while its 128GB variant sells for $800. Samsung's new smartphone is expected to be announced next year.

The 10 percent price cut will place the Galaxy S7 for around $503 and $720 in the U.S. market, depending on the model, Daily Mail wrote.

The Galaxy S6 proved to be a huge hit for Samsung, but it went head-to-head with cheaper mobile devices such as Motorola's Moto X Style and Huawei's Honor 7, Daily Mail reported. The Galaxy S6 also boasted a design different than previous iterations, which is why fans are eager to see whether the Galaxy S7 will also sport a redesign.

The news outlet reported that this is highly unlikely, noting that the Galaxy S7 will likely come with a design bearing resemblance to the Galaxy S6 Edge. However, the upcoming smartphone is expected to be equipped with a 3D Touch interface.

Samsung Galaxy S7 to be Powered by a Snapdragon 820 Processor?

SamMobile reported that there will be two variants for the Galaxy S7: one with the company's own Exynos 8990 chipset and another model powered by Qualcomm's Snapdragon 820 SoC. A so-called Galaxy S7 device with Snapdragon 820 was also spotted on Weibo, a Chinese website.

According to Daily Mail, tests on the Snapdragon 820 indicated that the processor is capable of delivering an "impressive performance," and that it will have thermal heat pipes intended to keep the device cool.

Recent patents also showed that Samsung has been developing bendable and foldable screens as a way to take advantage of the success of the Galaxy S6's curved screen, the news outlet added. The glass and metal design, seen in the Galaxy S6 and S6 Edge, the Galaxy Note 5, and next year's Galaxy A series, will also be retained.

"As the S6 and S6 Edge represented progress, the S7 will have improvements both in picture quality, performance and other some new features. But because smartphones have already been commoditized, you don't need to spend more on a surface overhaul," a source told Korean Times.

The Galaxy S7 is also rumored to have a Type-C USB and a microSD card slot, another report from SamMobile claimed.