The LG G4 remains to be one of the best smartphones in the market today. With this in mind, many are anticipating its successor, the LG G5, to also come with impressive and powerful specs.

The latest rumor is that the LG G5 will be powered by the new Qualcomm Snapdragon 820 chipset. It is widely believed that the powerful Snapdragon 820 processor won't be available until early next year. Thus, consumers may have to wait until then for the release of the LG G5.

The LG G5 is expected to be direct competition for the Samsung Galaxy S7. Samsung is also looking to power its upcoming flagship device with the Snapdragon 820 chipset.

Recent rumors also suggest that LG will be releasing the G5 Pro alongside the G5.

The LG G5 may feature a 5.6-inch 4K IPS flexible display with a 3840 x 2160 screen resolution. Though there have been no leaks or design renders, many consumers are hoping that LG will ditch its leather back design and opt for an all-aluminum design instead.

One of the most anticipated features of the LG G5 is its camera's specifications. Based on pervasive rumors, LG is believed to be giving the G5 two impressive cameras.

The LG G5 is said to come with a 20 MP rear camera from Sony. It will also have a 10 MP front-facing camera capable of producing detailed selfies even in low-light conditions. Furthermore, the front-camera is also rumored to come with iris scanning technology. With iris scanning, users will be able to unlock their device just by looking at their smartphone.

The LG G5 may also come with a secondary biometric security feature – the more traditional fingerprint scanner.

Since 4K displays tend to use up more power, LG is supposedly planning to give the G5 a massive 4,000 mAh battery. It may also come with Quick Charge 3.0 capability.

Though there are rumors of a November release date, it is more likely that the LG G5 will be released in early 2016. The LG G5 is expected to cost about $900.