It seems that Samsung is determined to top Apple in terms of its smartphone sales. A rumor has come up that the South Korean tech firm is coming out with a new flagship phone at the latter half of the year to compete with the upcoming iPhone 6s.

According to a report from South Korean news outlet Newsis, the tech giant from Asia has begun its development on the Samsung Galaxy S7 early. The outlet cited insiders from the Korean manufacturer as its source for the news.

It also reported that the company started working on the next Galaxy smartphone as early as three months before its set timeline, which will see the possible completion of the unit ready for a market release by the latter part of 2015.

No details on possible specifications and features of the device were mentioned in the report.

While the company just recently came out with the Samsung Galaxy S6 and S6 Edge, it was speculated that the upcoming S7 unit is the Korean firm's way to address stiff competition from the Cupertino-based tech giant.

With the Samsung Galaxy S7 out in the market before the iPhone 6s, it will give the company enough lead time to capture and get a firm footing in the smartphone market.

The Korean tech firm usually follows a 12-month cycle in coming out with their flagship phones. Most of their high-end models are unveiled to the public in trade shows such as the annual Mobile World Congress that is scheduled in the first quarter of the year.

If the rumors prove to be true, this will be the first time that Samsung will release two flagship phones in one year.

Aside from the rumored Galaxy S7, it has also been reported that the Korean company is also coming out with a bigger version of the Galaxy S6 Edge dubbed as the Samsung Galaxy S6 Edge Plus, noted Softpedia.

Last weak, online tipster @OnLeaks posted on social networking site Twitter what it claims to be a photo of the upcoming Samsung Galaxy S6 Edge Plus that is rumored to have a 5.5-inch screen.

The photo was said to be a dummy that was sent to phone case makers as a guide and it revealed to be slightly bigger than the current screen size of the S6 and S6 Edge that are out in the market.

Samsung has yet to comment on these reports.