Xiaomi may have unveiled the high-end Mi Note and Mi Note Pro this January, but those are both phablets. When it comes to a 'normal size' flagship offering, the Chinese company still relies on the Mi 4, which was announced in July 2014. So a new top of the line device from Xiaomi (in a more pocketable form factor) is clearly going to arrive in the next few weeks or months. In fact, according to some new rumors out of China, we may see two Mi 5 flagships instead of one - the Mi 5 and the Mi 5 Plus. Both of these are to be outed sometime in July, so around twelve months after their predecessor. As for specs, the Mi 5 is said to sport a 5.2-inch touchscreen, 3GB or 4GB of RAM, a 16 MP rear camera, a 3,000 mAh battery, and the Qualcomm Snapdragon 810 chipset at the helm. As we told you a few days ago, the Mi 5 might get a fingerprint sensor too. On the other hand, the Mi 5 Plus will be a 6-inch phablet coming with QHD (2,560x1,440) screen resolution, 4GB of RAM, 32GB of storage, and a 16 MP rear camera with optical image stabilization. It will sport a 'bezelless' display design. It's odd that the Mi 5 Plus will be even bigger than the two Mi Notes, but stranger things have happened in the mobile world. As for SoC choice, the Chinese sources haven't said anything, but since it's going to be a high-end offering it should also come with the Snapdragon 810. Other details, such as pricing, haven't been revealed yet. Obviously you need to take all of this with a healthy dose of salt, since at this point it's nothing but unconfirmed information. As we get closer to July we should hear...
Source: http://www.gsmarena.com/xiaomi_mi_5_and_mi_5_plus_get_rumored_specs_launch_time_frame-news-12113.php