Chinese smartphone maker Xiaomi Inc. is reportedly preparing to unveil its much awaited Mi 5 smartphone on Jan. 21, 2016.

A new leaked render of the Xiaomi Mi 5 handset was recently spotted on Chinese social website Weibo. The render reveals the Mi 5 equipped with a physical home button below the display, which makes it the first Xiaomi device to utilize this design, according to GSM Arena. The home button will act as a fingerprint sensor as well.

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The Xiaomi Mi 5 is expected to be available in two versions, according to the Weibo posting. The first version will cost about $311, while the second version could come with a $389 price tag.

Specs-wise, the Xiaomi Mi 5 is expected to sport a 5.2 or 5.3-inch IPS LCD display screen with a 1440 x 2560 Quad HD) pixel resolution. The phone will run on Google's latest Android 6.0 Marshmallow operating system along with the latest MIUI 7 on top.

The Mi 5 could come with a 16 megapixel camera on the back along with either a 6 or 8 megapixel camera on the front. Under the hood, it is expected to pack Qualcomm's latest Snapdragon 820 processor, along with a 4GB of RAM, up to 16GB/64GB of built-in memory storage, and possibly a 3030 mAh battery.

In the meantime, the Chinese company recently launched the Yi Action Camera in the U.S., as its first product in the country. The Yi Action Camera, which was first unveiled during the Mobile World Congress (MWC) 2015 earlier this year, is now available on Amazon at only $99.95.

TagsXiaomi Mi 5 January 21 2016 unveiling, Xiaomi Inc., Xiaomi Mi 5 specs, Xiaomi Gemini, Xiaomi Mi 5