Updated

Even though the Galaxy S5 isn't exactly the newest kid on the block anymore, Samsung may still see fit to release a cheaper version of its 2014 flagship, according to a report by SamMobile.

Samsung's Neo line of smartphones were released as more affordable alternatives to their supped-up siblings. The same appears to be the case with the Galaxy S5 Neo, which swaps out the Exynos 5422 processor, found in the original for a weaker 64-bit octa-core Exynos 7580 processor, though it's backed up by the same 2GB of RAM.

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Interestingly, however, almost everything else remains the same. The Galaxy S5 Neo reportedly packs a 5.1-inch 1,920 x 1,080 Super AMOLED display, 16GB of internal storage, a 16-megapixel rear camera, and a 2,800mAh battery that should keep the lights on all day. Even the dimensions and weight are the same, though you will now find a 5-megapixel camera on the front, instead of the original's 2-megapixel snapper.

According to the report, there will be single-SIM and dual-SIM variants of the Galaxy S5 Neo. Although the dual-SIM variant will likely be released in India, Russia, and China. Both versions come with Android 5.1 Lollipop, though the report doesn't say whether we'll get the version of TouchWiz found on the Galaxy S6 and Galaxy S6 Edge or an older version.

No pricing or availability information was revealed, though it's a bit weird Samsung might be prepping a cheaper version of a phone released early last year. Even so, depending on the price, the Galaxy S5 Neo could end up being an interesting choice for those not looking to deplete their wallets.