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Oct 29, 2016 01:34 PM EDT

Samsung's next flagship smartphone, Galaxy S8, is expected to regain the company's trust from its customers after the Galaxy Note 7's combusting batteries. However, rumors speaking of the device's early release date were ruled out by Samsung vice chairman and board member Lee Jae-yong in an interview.

Lee said through The Wall Street Journal that the Galaxy S8 will not be released any earlier than the upcoming MWC event to be held on February 2017. Following that report, a Samsung official statement shared by an unnamed high-ranking official of the company surfaced. It says, "Currently we do not have any plans to release Galaxy S8 early. Pushing release date forward all of sudden is something that is realistically impossible."

Meanwhile, the latest iteration on the Samsung Note series started to become unclear now regarding its release date, even after the company stopped selling its current flagship Galaxy Note 7 over safety concern, according to Xinhua.

According to TechTimes, Samsung's Q3 earnings report shows that the company's mobile division earnings are down 95 percent from the same time last year. So to make up for the Note 7's battery flop, Samsung has confirmed rumors that they would be offering an upgrade program to Galaxy Note 7 owners in order to trade in the device for the Galaxy S8 or Galaxy Note 8 and avail a discount.

With the company plotting its comeback through its new iteration, Lee Kyeong-tae told analysts during a conference call that its upcoming Galaxy S8 would feature a "sleek design." Now, more details of the smartphone's capabilities are tipped such as an Ultra high-definition (HD) edge-to-edge display, with exclusive Qualcomm Snapdragon 830 chips that utilize 10-nanometer production technology, the same publication has learned.

Additional improvement to Samsung Note 8 is its camera system, which would incorporate iPhone 7 Plus' dual-rear camera setup, consisting of 12- and 13-megapixel cameras on the rear of the handset.

Leaked details on Galaxy S8, on the other hand, points out that a 5.5-inch 4K (2160x3840 pixels) Super Amoled display and will boast of an impressive pixel density of 806ppi. The handset will be powered by the company's in-house Exynos 8895 SoC, and will sport a massive 6GB of RAM.

According to rumors, the next entry under the lineup of Samsung's flagship smartphones is rumored to be unveiled during the early quarter of 2017.

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