For this version, the company plans to build the smartphone from scratch both in hardware and software.
According to the BusinessKorea, Samsung wants to remove unnecessary features and only keep the basic ones.
As part of these efforts, the company will optimize the TouchWiz UI so that it offers more of a Nexus 6 experience.
The company is expected to unveil its next Galaxy flagship at the Mobile World Congress 2015 in Barcelona in early March.
The smartphone is rumored to bring a 5 to 5.5 inch AMOLED screen with qHD resolution, an octa-core processor with 3 or 4 GB of RAM, and a 20-megapixel rear camera.