The handset will run Android 4.4 KitKat, a source said. It features a massive 6-inch HD display, it added.

The device will boast a Qualcomm Snapdragon 800 processor, 3GB RAM, and support for LTE and LTE-Advanced connectivity.

LG is best known for the Google Nexus 5 and its flagship curved screen smartphone the LG G Flex.

The company has a track record of unveiling multiple smartphones in the days leading into Mobile World Congress.

In 2013, the company introduced the Optimus G Pro as well as the Optimus F5 and Optimus F7.

Meanwhile, there are reports that LG's biggest rival Samsung is also planning to come up with a number of QHD displays by next month's Mobile World Congress event in Barcelona.