Even as Samsung's Galaxy S3 and Galaxy Note 2 smartphones continue to create new sales milestones, the grapevine is abuzz with rumors that the Korean company is already working on the successors - the Galaxy S4 and Galaxy Note 3 - which will be announced in early 2013. Per reports, the Galaxy Note 3 is set to dwarf other smartphones and will sport a mammoth 6.3-inch screen.

According to the newspaper Korea Times, Samsung is working on a 6.3-inch OLED screen for the Galaxy Note 3.

"The world's biggest technology company has been developing the Galaxy Note III with a 6.3-inch screen using an OLED display, according to officials from a local parts suppliers, while the company will start the first commercial sale of 55-inch OLED TVs from late next year," reported Korea Times.

Samsung launched the 5.3-inch Galaxy Note in 2011, followed by the bumped up 5.5-inch Galaxy Note 2 in 2012 which has already breezed past 5 million unit sales worldwide.

The Galaxy Note 2 is hot property right now and despite naysayers frowning on its big size, the phablet has managed to generate high sales and consumer interest. The notion of a smartphone with a 6.3-inch screen may seem a tad bizarre, but with Samsung opting for smaller bezels it could well be a possibility.

Currently, not much is known about the purported Galaxy Note 3's specifications and features. However, rumors have been rife that it will feature Samsung's new flexible display which is "foldable, rollable, wearable, and more." Rumors have also pointed to an 8-core big.LITTLE ARM processor, which combines two quad-core processors - a 1.8GHz ARM Cortex-A15 designed and a 1.2GHz Cortex-A7.

Additionally, some concept Galaxy Note 3 devices have also emerged courtesy designers. Designer Erica Yusim's version of the concept device is dubbed the Galaxy Note X and features a 6.3-inch Full HD display (1080p), a 2GHz quad-core Cortex A15 processor, 3GB of RAM, a 16-megapixel rear-facing camera, a 4000mAh battery, NFC and Bluetooth 5.0 support, Android 5.0 Key lime Pie and up to 128Gb of on-board memory.

Whether the alleged Galaxy Note 3 will eventually sport the colossal 6.3-inch display will be revealed, if and when the device makes an appearance at the MWC 2013 as rumored.