After a long haul and plenty of speculation, it looks as if the folks over at Xiaomi are finally about to release their next phone. The latest reports are that on August 16th, Xiaomi will be officially releasing its newest phone in line with last August’s release of their flagship model.

Several sources are predicting it will be equipped with a quad-core processor, and TechWeb specifically believes that Qualcomm’s APQ8064 will be the lucky winner. In terms of screen resolution, the expectation is that it will follow a 720p standard.

The price is undetermined; however, with the release of several low-cost phones in the past two months, and given the audacity of its CEO and branding strategy, it will likely be somewhere between sort-of-reasonable and overpriced. Its first model, the M1, is still priced in at 1999RMB.

Needless to say, the new model will attract a considerable amount of interest and press next month, and the units themselves will likely sell like their predecessors (i.e. hotcakes).

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