Samsung's Galaxy Note 2 may be arriving in October, just in time to compete with the rumoured iPhone 5, MK Business News reports.

The handset, a follow up to the popular Galaxy Note phablet, is expected to boast a larger screen than most smartphones, possibly measuring in at 5.3in. The device will be similar to the Galaxy S3, which racked up an incredible nine million pre-orders ahead of its release in May.

The Galaxy Note 2 will feature an unbreakable plane (UPB) display, which means it's likely to have a flexible display. It will reportedly have a longer battery life, as well as a quad-core CPU for increased processing speeds.

The device will run on the forthcoming Android 5.0 Jelly Bean operating system, rumoured to be the next version of the operating system after the current Ice Cream Sandwich OS, according to MK Business News.

Global rating agency Fitch has reported that it expects Samsung to maintain its position as smartphone market leader over the next two years. The company outsold Apple in the first quarter of 2012, with 46 million smartphones shipped, as compared to Apple's 35 million. It's likely, then, that the Galaxy Note 2 will manage to hold its own in the competition with the iPhone.