LG is prepping itself for what is to be another competitve year in the smartphone market. This year, the Taiwanese tech giant hopes to beat rivals Apple and Samsung to the punch with its latest flagship, the LG G5.

LG has received praise for last year's offering, the LG G4. The Taiwanese company seems to be making up for the sins of the past and is banking on making higher end models after the success of its flagship, the LG G3. Now, there are reports that the next generation flagship, the LG G5, will be unveiled at this year's MWC 2016 on Feb. 21.

According to Tech Crunch, the news was confirmed by LG itself when the company invited its members to its MWC 2016 event next month with a very vague "Play Begins" written on the invite, accompanied by mysterious jack-in-the-box music playing in the background.

The website said that they received an invitation from LG that they were invited to this year's MWC next month, which is relatively earlier than usual. The company also teased that the "next flagship" will be unveiled.

According to the website, this is LG's strategy to get way ahead of the competition, as Samsung, HTC and Apple likely won't be releasing their flagships until April of this year. Apple, in particular, won't release the iPhone 7 until September, which puts LG ahead of the game.  

When it comes to specs, the LG G5 may sport the Snapdragon 820 processor and run on Android Marshmallow 6.0.

According to Tech Times, the flagship phone may be packed with 3GB of RAM and 32GB of internal storage. In true LG fashion, the phone's display might boast of 5.4-inches and have quad HD (or 2K) resolution. Then again, LG might take this up an notch and debut a 4K phone display.

LG has been known to offer the best cameras on their smartphones. It is most likely that the LG G5 will boast of a 20-megapixel rear camera and an 8-megapixel front camera that would make for great selfies.

It is also most likely that the LG G5 will incorporate the 120-degree wide dual selfie camera feature of the LG v10. 

LG has not given official word on the LG G5's features and specs as of yet, and has kept mum on any other details other than a possible release date. Remember to take all rumors with a grain of salt.