Samsung has been tipped to launch a budget phablet dubbed the Galaxy Note 3 Neo at the Mobile World Congress (MWC) next month, according to Digital Spy.

GSM Arena has published purported specs details for the device, suggesting that it will sport similar internals to the Galaxy Note 2.

The source states that the handset will feature the same 5.5-inch 720p screen, 2GB RAM and 16GB storage as its previous-generation predecessor, but will measure in slimmer at 8.6mm.

However, the Note 3 Neo will reportedly feature a hybrid six-core processor, combining a 1.3GHz quad-core chip with a 1.7GHz dual-core chip, switching to the more powerful component when the task at hand demands it.

Samsung recently dispelled speculation that it is planning to unveil its Galaxy S5 smartphone at MWC by confirming that the flagship smartphone is in line for March or April, which could pave the way for the Note 3 Neo to debut at the convention.

A budget version of the Galaxy Note 3 was previously rumoured for release under the moniker of the Galaxy Note 3 Lite.