Samsung's fabled Galaxy Note III could be the stuff of legends if the latest rumors have any credibility. That's because we're now hearing that the successor to the Note II could ship with an eight-core CPU and an eight-core GPU, all packed behind a 5.99-inch Full HD Super AMOLED display.

The CPU in question is none other than Samsung's Exynos 5 Octa, the same chip that debuted at the Consumer Electronics Show earlier this year. Whether or not it would actually ship in the US is still up for grabs as thus far, US consumers have been snubbed when it comes to eight-core mobile CPUs. As for the GPU, it will be a Mali 450, according to reports.

Noteworthy here is the belief that that the handset will no longer ship with the rumored 6.3-inch display as previously alluded to. The display would, however, feature Samsung's new diamond pixel structure. Other specifications include a 13-megapixel camera (likely the same one that's now shipping with the Galaxy S4), 3GB of system memory and the latest version of Android Jelly Bean. By that time, it could be version 4.3 or higher.

The handset will take queues from the GS 4 with a bevy of "smart" features. Sources also say the phablet would have a smaller bezel than the Note II but in general, it would look a lot like the Galaxy S4 which could mean yet another plastic body.

Some believe we could see a Note III announcement as early as August or September but until then, we'll take the rumors as they come.