Samsung Galaxy S3 and mini 2

The Samsung S3 and the mini.

Reuters

World's leading smartphone maker Samsung, which is expected to launch its flagship smartphone Galaxy S4 in March, is reportedly planning to launch a smaller and cheaper variant of the fourth-generation flagship phone.

Samsung community website SamMobile revealed that the Galaxy S4 smartphone, which is being developed under project J, is not the only device in the program. The website claimed that the South Korean company is also working on two other devices - 'Project J mini' codenamed 'Serrano' (Galaxy S4 mini) and 'Project J Active' codenamed 'Fortius' - which is related to the development of the touch screen smartwatch.

According to SamMobile's source, Samsung is reported to have approved the development of Galaxy S4 and its smaller variant, but the smartwatch program is yet to take-off as it waits for approval.

The website also revealed that the small smartphone, speculated as Galaxy S4 mini, is expected to launch in May, just two months after the speculated launch of its bigger 4.99-inch Galaxy S4 sibling.

Previously, Samsung had released the Galaxy S3 mini almost five months after Galaxy S3's launch in May last year.

There have been various speculations regarding Samsung's new devices for quite some time now. The hype surrounding Galaxy S4's launch has turned even more overwhelming ever since Samsung beat rival Apple to the 'top smartphone maker' title owing to record sales of the Galaxy S3 smartphone.

Recent reports suggest that Galaxy S4 may feature a bendable HD display and an 8-core monster processor. The smartphone is speculated to make its debut at a Samsung event on 15 March.