Now it has been speculated that the new Samsung handset will remain in the same premium pricing bracket as its predecessors. The specs of the Galaxy Note 7 are certainly impressive, but all of that technology comes at a price.
The Galaxy Note 7 is to get an Edge design, high-end build quality and an all-new user interface. This is reflected in its price, which is set to be €849, or about $937, at launch. It is thought that U.S. pricing could be around the $950 mark.
The Galaxy S7 Edge currently sells for around $789, so the price jump to the Note 7 is quite noticeable. However this seems reasonable when you consider that there is unlikely to be a lower priced non-Edge version of the Note 7.
The Note 7 has much better specs than the S7 Edge and Samsung has promised improved build quality. According to the latest rumors, Samsung will officially unveil the Galaxy Note 7 in around 3 weeks time.
Once we get to see the new smartphone it will be easier to say whether or not the admittedly hefty price tag is justified or not. Some commentators have argued that there is not a single Android device coming to market that would be worth such an amount.
However if there is one candidate it would have to be the Galaxy Note 7. It will be made of glass and metal, include an iris scanner and a Quad HD Super AMOLED display which measures either 5.7 or 5.8 inches.
In addition to those stonking features are others that are the same as the existing Galaxy S7 models. This would include a frontal fingerprint scanner built into the home button, and a metal rim.
It is also thought that USB Type-C will be supported, and a 4,000mAh battery should stave off any worries over battery life. When it comes to cameras we should see a 12-megapixel camera at the back and a 5-megapixel front camera for selfies and video calls.
Internal specs include a Qualcomm Snapdragon 821 or an Exynos 8893 processor, alongside 6GB of RAM. It is also rumored that internal storage will be offered at both 32GB and 128GB.
It has not been confirmed whether there will be a MicroSD card slot in order to boost memory. However it looks like the Note 7 will have an IP68 rating, meaning that it is dust and water resistant.
Samsung continues to battle it out with Apple in the high-end smartphone market. The Korean company recently dethroned Apple as the biggest selling smartphone brand in the key U.S. market.
Data from Counterpoint Research shows that Samsung had a 28.8% market share in March, compared to 23% for Apple. Third spot went to LG with 17.1% and ZTE came fourth with a 6.6% share.
While Apple will not be pleased to lose its crown, it is still far ahead of Samsung when it comes to profit. However we could be in for another interesting period as Apple releases its iPhone 7 in September.
If sales of the new handset are weak many people could point to a swing in momentum from Apple to Samsung. The Galaxy Note 7 could also serve to steal high-end customers away from Apple if its build quality and specs are as impressive as the rumors would suggest.