Is the OnePlus 3 release date coming soon? New reports are claiming that Chinese tech company OnePlus has started to cut down on prices of its previous flagship brand to usher in the new model.

According to Vine Report, prices of the OnePlus 2 16GB and 64GB have been dropped. "Compared to the original prices, those interested to get their hands on these smartphones will save at least $30," the report read.

So what can tech junkies expect from the highly anticipated release of the OnePlus 3? According to rumors, the new flagship phone will almost be the same as its predecesor as it will reportedly come in two variants- 16GB and 64GB.  "The new device will have a Qualcomm Snapdragon 820 processor, a 5.2-inch Quad HD display, USB Type-C port, and a 4,000mAh battery. In terms of camera, the OnePlus 3 is said to have a 13-megapixel rear camera and a 5-megapixel front camera," Vine Report continued.

In terms of its OS, the new android phone will be upgraded to Android 6.0 Marshmallow, an improvement that is believed to improve the new mobile device's battery life. Apart from this, the OnePlus 3 will allegedly also run on the latest version, v3.0, of the OxygenOS.

For those who can't wait to get their hands on this newest offering, sources claimed that purchases could possibly be done through an "invitation only" set-up.  OnePlus started this system when they offered their first phone to the market, and it looks like the company is planning to do it again for its latest gadget.  Free shipping and payment through PayPal and credit cards will be honored.

Do you think OnePlus 3 will be a good buy? Stay tuned for more release date news updates here!