The battle between smartphone giants Apple and Samsung continues as rumors surface that the two electronic companies are gearing up for the release of their new smartphones already.

Just a few months after the two companies released their flagship mobile phones, several reports have already been swirling around the internet that both Apple and Samsung are already looking at release dates for their smartphones - the probable Galaxy S5 for the South Korean company, and the iPhone 6 for the Cupertino, California-based tech giant.

A report by Naver recently reported that the Galaxy S5 will be launched as early as January 2014, and will make its way to stores by February. According to the Korean tech news website, the early release comes on the heels of "a sales slump" for the Galaxy S4 this year.

Notably, Tech Radar also noted that another reason for the early release for the S5 is Apple's iPhone 5S. The new smartphone which touts a 64-bit chip and a Touch ID sensor has been gaining interest from consumers for its specs and other interesting features. Samsung aims to level the playing field by powering the S5 with a 64-bit processor as well as other similar specs.

The report also notes that the successor of the S4 could also feature an all-metal housing, unlike the plastic S4 and the Galaxy Note 3. Apple has been known to offer this type of casing for its iPhones; however, for the South Korean company, this will be its first.

As for Apple, Design n Trend reports that the California company is looking to release its next smartphone at earlier date as well. Instead of the usual September/ October release date, the brand is reportedly looking to release the iPhones 6 by the first or second quarter of 2014. The new iPhone will have a phablet-like feature with a bigger screen - probably around 4.7 to 5 inches.

With earlier release dates swirling online, consumers may want to wait after the holidays before purchasing a new smartphone.