Samsung has slashed the price of the Galaxy S2 smartphone by £70, triggering rumours that the Korean electronics giant is paving the way for the Galaxy S2’s successor.

Swirling rumours suggest that Samsung has plans to introduce another top of the range Android-powered smartphone to respond to Apple’s forthcoming iPhone 5, which is expected to come in September.

Online retailer Amazon is now offering the Galaxy S2 for £429.49, including free delivery. The Galaxy S2 is already the most wished for and the best selling handset at Amazon.

The Android Gingerbread 2.3.3-based Galaxy S2 features a 4.3-inch qHD capacitive Super AMOLED display, a 1.2GHz processor, 1GB of RAM, 16GB of internal memory, Wi-Fi, an 8-megapixel camera with an LED flash, full HD recording & playback, a 2-megapixel front-facing camera and Touchwiz UI.

Samsung is expected to upgrade the Samsung Galaxy S2 with the ultra-thin handset with a 1.4GHz dual-core processor and the latest version of Android Gingerbread OS, version 2.3.4.

However, the potential upgraded Galaxy S2 will maintain its 8-megapixel camera, 1GB of RAM and lightweight minimalist form factor.