Samsung on Monday sent out invitations for their next Unpacked event scheduled to take place at Mobile World Congress on February 24. Most industry experts expect we'll see none other than the Galaxy S5 unveiled later this month in Barcelona.

Samsung's next flagship smartphone is expected to carry an ultra-high resolution AMOLED display operating at 2,560 x 1,440, either a 2.5GHz quad-core Snapdragon chip or an octa-core Exynos SoC clocked at 2GHz depending on region, 3GB of RAM and either 32GB, 64GB or 128GB of flash storage.

Other rumored specs include a 16-megapixel rear camera, a 3.2-megapixel front-facing shooter and either a 3,200 mAh or a 4,000 mAh battery. It's also expected to be the first Samsung flagship phone to feature an all-metal chassis.

Previous rumors also suggested Samsung was going to add a retina scanner to the phone as part of an added layer of security. The latest rumblings, however, hint that Samsung may have decided to drop that feature.

Most analysts believe the Galaxy S5 will launch in either the first or second quarter of this year. This time frame would likely mean the handset will ship with Google's current iteration of Android, version 4.4 Kit Kat.

The S5's primary competition this year is expected to be the iPhone 6 from Apple. The Cupertino-based company is likely set to introduce a phone with a larger screen to better compete with the Galaxy S5 and other Android phones as the trend of larger screens has proven very popular among consumers.