The latest rumours in the tech market suggest that the device will sport a 5.7-inch 2K screen and will be powered by a Snapdragon 810 chipset. The smartphone may run on the latest Android 5.1 Lollipop

Other reports said that 'Mate 8' will have a 3/4GB of RAM, 32/64GB of memory, 20.7 megapixel rear camera, 8 megapixel front-facing camera.

Huawei is also reportedly working on an Operating System of its own will gradually phase out Google's Android OS from its devices.

Huawei, the third largest smartphone vendor in China, is also working on a new smartphone that would run on its OS, according to reports. The company is set to enter the US market and has sent out press invites for a June 2 event in New York.

Huawei Technology Co Ltd's smartphone shipments rose by more than 40 percent in 2014, failing to match its own target and the performance of faster growing rivals such as Xiaomi Inc.

Although Huawei's shipments reached 75 million, the figure came in below its previously stated sales target of 80 million units. The growth rate also fell from 67 percent in 2013, in stark contrast to Xiaomi, which overtook Samsung Electronics Inc as the top vendor in China, the world's biggest smartphone market, last quarter. Xiaomi is on track to triple its global 60 million shipments this year.

Nevertheless, Huawei's smartphone revenues rose roughly 30 percent to more than $11.8 billion, according to the year-end memo to employees sent by Richard Yu, the head of Huawei's consumer business.