New rumors suggest that Samsung may be working on the very first foldable smartphone model with dual screen.

These speculations emerged after it was revealed that the South Korean company is working on a device codenamed Project Valley or Project V that features the same technology, Sam Mobile reported.

According to insiders, the tech giant started working on the project shortly after filing patents for a foldable smartphone. They noted that Project Valley is still in its first stages of development. However, this does not automatically mean that Samsung will pursue the project. Various sources said that depending on Samsung's decisions, it could be terminated any time.

Despite this, Samsung has already shown proof that it is ready to market smartphones with a non-conventional design. The Galaxy S6 Edge, for example, sports a curved display.

For Project Valley, on the other hand, it seems Samsung is targeting to go beyond curved designs with a fully foldable handset.

Based on the claims of insiders, the rumored handset can be folded in the middle which will allow users to easily store it inside their pockets or in any tight spaces. Also, with its dual screen, users will be able to use a variety of gestures to flip between panels, according to T3.

Since Project Valley is still in the early stages of development, it might take some time before Samsung officially unveils it to the public. But according to an unnamed executive from Samsung, the company is targeting to launch its first line of foldable handsets in 2016.

"The industry believes that the commercialization of foldable smartphones will be possible in 2016," the executive said according to news site Business Korea.

However, it was not confirmed if the Samsung executive was specifically referring to the Project Valley in the statement he or she provided.

Despite the filed patents and information revealed by insiders, keep in mind that the details about project Valley are all based on rumors. Samsung is yet to issue an official statement regarding its plans for a foldable smartphone.