AT&T Samsung Galaxy Mega 6.3-Camera-Front

A new report out of Korea claims Samsung is preparing to release a high- and low-end Galaxy Note III, though it's unclear when such a budget model will hit. According to Xu Hua, apparently notable for his ties to South Korean factory sources, Samsung will attempt to blanket the market when the Note III becomes available, like it did with its S4 family, though this apparently isn't another one of those "mini" scenarios we've seen repeated throughout the year.

Once the Note III is announced on Sept. 4, the device will apparently be the first in a series of S Pen-equipped smartphones. As expected, the lower-end model of the Note III will feature watered down specs compared to the flagship iteration; a Snapdragon 600 chip and LCD display are both possible, according to Hua. In addition, the device could feature an 8-megapixel camera, similar to the one found in Samsung's Galaxy Mega, instead of the 13-megapixel shooter found in the Galaxy S4.

Meanwhile, Hua reports another rumor out of Samsung's supply chains, claiming the company is currently testing more premium materials—aluminum and carbon fiber—for devices set to launch in 2014. If that's the case, Samsung will likely feature a higher end design in its Galaxy S5, though that's merely a guess at this point. Given that we're so close to Samsung's IFA event, and given we've heard little to suggest there could be more than one Note III model, we're remaining skeptical. But we'll found out in a matter of days what Samsung plans to do.