Samsung is expected to cut the price of its new flagship Galaxy S7 phone when it is released next year in an attempt to steal more of the market from competitor Apple.
The device, which has still to be officially announced, will reportedly be 10 per cent cheaper than its current Galaxy S6 smartphone, according to analysts.
The Galaxy S7 is expected to include a curved screen and a 3D Touch interface similar to Apple’s iPhone 6S.
While the Galaxy S6 saw Samsung experience a surge in phone sales, it is keen to tackle competition from cheaper devices like Motorola’s Moto X Style and Huawei’s Honor 7.
The Korean based technology company completely redesigned the Galaxy S6 compared to previous generations and won a series of awards.
As a result there is already eager speculation around Samsung’s next flagship smartphone.
The 32GB Galaxy S6 currently sells for around £559 ($559) while its 128GB version sells for £719 ($800).
The 10 per cent reduction in price would mean the Galaxy S7 could cost between £503 ($503) and £647, or $720 in the US, depending on the model.
After being contacted for a comment on the rumours, Samsung said: ‘Samsung does not comment on rumour or speculation.’
There has also been recent excitement about the rumoured Snapdragon 820 chip that is expected to lie at the heart of the Galaxy S7.
Tests on the chips, which are expected to feature thermal heat pipes aimed at keeping the device cool, have shown it is capable of delivering an ‘impressive performance’.
Recent patents have also revealed Samsung has been developing new bendable and foldable screens in an attempt to build on the success of its curved screen on the S6.
However, the design of the Galaxy S7 is likely to be similar to the S6 given the speed with which it has been released after the last redesign.
It comes as tensions between Samsung and Apple have increased with the Korean manufacturer agreeing to only pay $538 million (£356 million) to the Californian company for infringing patents and designs if it receives an ‘invoice’.
The two companies have been battling each other in the courts since 2010 and in August 2012 Apple one $1 billion (£663 million) in damages which were later reduced.