Xiaomi has confirmed that it will launch its latest operating system, the MIUI 7, during an event scheduled on August 13.

Various sources speculated that the company might introduce the upcoming platform with a new handset as well.

According to a post on the MIUI forum, the OS will be unveiled at the China National Convention Center in Beijing. Xiaomi, however, didn't provide the exact features of the MIUI 7 but GSM Arena noted that it might be based on the latest version of Google's Lollipop.

The site pointed out that the current platform, the MIUI 6, is based on Android 5.0 Lollipop. Since Google's next OS, the Android M, is not scheduled to come out until September or October of this year, it's safe to assume that Xiaomi's upcoming platform is not based on this firmware.

Instead, the MIUI 7 could run on the Android 5.1.1 Lollipop.

Also, the launch of a new OS strongly indicates that Xiaomi is also preparing to introduce a new handset to the public. Although the company hasn't confirmed this yet, various reports are speculating that the MIUI 7 might be unveiled with a new flagship device, which is the Xiaomi Mi 5.

According to previous leaks, the company's upcoming brand-carrier handset will come with the latest OS version. The Mi 5 is expected to sport a 5.2-inch Quad HD display with a resolution of 1440x2560 pixels. Its screen will be protected by the Corning Gorilla Glass 4.

The device is rumored to house a 16-megapixel rear camera paired with a 13-megapixel front snapper, according to Android Authority.

For its processor, various sources claimed that it will be powered by Qualcomm's Snapdragon 820 processor. Others noted that it will come with the Snapdragon 810 SoC instead.

If, however, the Mi 5 does come with model 820, then the flagship handset might get released at a later date. It has been rumored that the handset will arrive in stores in November. But, since the Snapdragon 820 is not expected to get shipped until early next year, then this means the handset might get released during the first months of 2016.

As for its other features, the Mi 5 might also sport a fingerprint sensor, a component that it becoming a standard addition to most flagship devices. According to a patent filed by Xiaomi, the fingerprint reader's technology will be integrated in the smartphone's buttons, NDTV has learned.