In addition to the hints Samsung's executive vice president Lee Young Hee gave to Bloomberg in an interview, there are a handful of other rumors and bits of informed speculation about what the phone will be able to do.
Here's what we know so far.
It will be called the Galaxy S5.
Or, at least, that's what Hee called the device in his interview with Bloomberg.
It will launch by April of this year.
Hee said the phone will launch before April of this year. It's likely Samsung will wait until after the Mobile World Congress event in late February to make the announcement. If we had to guess, the announcement will come in early to mid-March.
There could be an eye scanner.
Hee said Samsung is experimenting with an iris scanner and could decide to use it in the Galaxy S5. The sensor would be able to scan your eye and unlock your phone without a passcode.
It might come with two body styles: one plastic and one metal.
Early rumors suggest that Samsung will have two versions of the Galaxy S5. There will be a cheaper model made with a plastic body and a more expensive one with a metal body. Many pundits have criticized Samsung for making phones out of plastic while its rivals HTC and Apple make their flagship phones out of metal.
It will likely have a zippy 64-bit processor, just like the iPhone 5S.
Shortly after Apple announced its iPhone 5S with a 64-bit processor, Samsung announced that its next generation of smartphones would also have a super-fast chip. Expect the Galaxy S5 to be the first Samsung phone with a 64-bit processor.
There will likely be a memory chip with 4 GB of RAM.
Samsung will launch a new Galaxy Gear smart watch along with the Galaxy S5.
Hee said the new Galaxy Gear will be slimmer than the first generation. While Samsung's first Galaxy Gear has only been out for a few months, it could use a refresh. Reviews of the device were pretty bad because it has poor battery life and limited functionality.