Mobile technology is moving at breakneck speeds. The Galaxy S III that you just bought for a family member this holiday season will be obsolete by May of next year if rumors are to be believed.

GSM Nation reports that sources close to Samsung say that the company will announce the newest Galaxy smartphone in April, and launch in May. That would put it one year after the launch of the Galaxy S III and a months before the rumored launch of the iPhone 6.

We may know a potential release date, but will the Galaxy S IV improve greatly upon the already great Galaxy S III? According to rumors, the S IV will be similar in design to the S III, but feature more powerful specs and a larger screen.

The current rumors suggest that the Galaxy S IV will sport a 4.99-inch Super AMOLED HD display with a resolution of 1920×1080. GSM Nation notes that this would put it above the iPhone 5’s current retina display resolution of 640×1136.

Such a large display will require quite a bit of power, and the S IV will reportedly have that and then some. The rumors suggest that Samsung will be utilizing its own Exynos 5450 quad-core CPU. It will be clocked at 2.0GHz for a sizable jump over the Galaxy S III’s 1.4GHz quad-core CPU.

The final rumor suggests that the Galaxy S IV will be equipped with a 13MP camera. It will be a noticeable improvement over the 8MP camera in the S III.

As expected, Samsung isn’t saying anything just yet. The company is most likely going to use CES or Mobile World Congress as a platform to hint at the device with an official reveal coming a few months later.