Samsung - CES 2014 - Galaxy Press Logo - 006

Following several months of speculation over the upcoming Galaxy S5, Samsung's mobile chief Lee Young Hee officially confirmed the device in an interview with Bloomberg earlier this week. The new flagship smartphone will reportedly launch by April alongside an updated version of the Galaxy Gear smartwatch.

Essentially, Lee promised the Galaxy S5's release will arrive on schedule in keeping with the product cycle set by the Galaxy S III and Galaxy S4. "We've been announcing our first flagship model in the first half of each year, around March and April, and we are still targeting for release around that time," he told Bloomberg, adding that the device will feature "more advanced functions" and a less "bulky" design.

Samsung also hinted that the Galaxy S5 may offer a new feature to challenge the iPhone's new fingerprint sensor: an eye scanner. Lee says the company is "studying the possibility" but couldn't confirm whether it would be included in the final product. He also promised a major redesign from the Galaxy S4 focusing on the display and "feel of the cover," saying, "we will go back to the basics."

The Galaxy S5 is expected to feature the same faux-leather back cover used for the Galaxy Note 3, Galaxy Note 10.1 and the newly-announced Galaxy Note Pro and Tab 12.2-inch tablets. Under the hood, the device is expected to pack an octa-core processor, 4GB of RAM, a 16-megapixel camera, and a bigger battery. However, we won't know anything for sure until Samsung makes its official announcement in the next few months.