According to a report by KDB Daewoo Securities, the device will have a 5.2 or 5.25-inch AMOLED display with WQHD resolution (2,560 x 1,440 pixels).
The handset will be equipped with either a 2.5GHz quad-core Snapdragon processor or an octa-core 64-bit Exynos chip clocked at 2GHz.
The processor will be different depending on the region and device model, as was the case with the previous generation Samsung Galaxy.
Other characteristics of the Galaxy S5 include Android 4.4 KitKat and pack a 3,200 mAh battery and a 16MP camera.
The device is believed to be available in a metal design, with three different storage capacities of 32GB, 64GB and 128GB.
The firm expects the smartphone to be released in Q1 or Q2 this year.