According to a very reputable tipster on Weibo, Xiaomi is working on another Redmi phone with Snapdragon 870 chipset and 120Hz OLED display. Some believe that this is the Redmi K40S, or it could take place in the upcoming Redmi K50 family. The so-called "Digital Chat Station" (as per Google Translate), reveals a bit more about the handset itself. For instance, the Redmi phone will likely carry a 6.7-inch display with 1080 x 2400px resolution and it would use a 50MP main camera on the back. But don't hold your breath. The tipster's source says that the device with model number SM8250...
Source: https://www.gsmarena.com/redmi_phone_with_snapdragon_870_and_120hz_oled_panel_is_in_the_works-news-50821.php
