Samsung is making a new family of smartphones - phablets to be specific - with devices like the Galaxy Note. The 2012 edition of Galaxy Note will reportedly debut in August this year with larger display, faster processor and better camera.

Citing unnamed sources, MK Business News reported on Thursday that Samsung is working on successor to the Galaxy Note, which is likely to debut during IFA 2012 consumer show in Germany.

The Korean publication claims that the new Galaxy Note will have a slightly larger display measuring 5.5-inch. The camera is likely to be 12- or 13-megapixel. However, the source was not completely sure about that.

MK Business New's report calms down rumors that the Galaxy Note 2 will feature Unbreakable Plane (UBP) display by indicating that the new technology has been saved for next-generation flagship smartphones that Samsung plans to introduce after the Galaxy Note 2, possible in the Galaxy S4 or whatever the name will be.

"There are also talks of improving the camera resolution to 12.0 or 13.0 megapixels, up from current 8.0 megapixels, but this may be changed depending on other factors. It will not, however, showcase the unbreakable plane (UBP) display technology, a precursor to the flexible display. UBP will most likely be applied for the next product released after Galaxy Note 2," the source told MK Business News.

In addition, the smartphone is believed to sport a more powerful quad-core Exynos processor. According to recent reports, the processor in Galaxy Note 2 could be quad-core Exynos clocked at 1.7 GHz. Samsung Galaxy Note 2 will run Android 4.1 Jelly Bean.

Samsung will officially unveil the Galaxy Note 2 late August and it will go on sales sometime in September. However, in the U.S., Samsung will release LTE variant of Galaxy Note 2, which is likely to boast the regular dual-core Snapdragon S4 processor, in October. It is to be noted that the exclusive Korean variant of Galaxy S3 packs both quad-core Exynos processor and 4G LTE radios with addition of 0.4mm thickness to the chassis. The big size of Galaxy Note can help Samsung in packing the two silicon chips in the same package without any increase in thickness.

The U.S. version of Samsung Galaxy Note is believed to debut in October. Apple is also expected to launch iPhone 5 around the same time. According to an earlier report, iPhone 5 will pack quad-core processor as well as 4G LTE connectivity. So, we will not be surprised to see Samsung doing the same in the Galaxy Note 2.