Samsung recently pushed out the Jelly Bean update for the Gingerbread-running Galaxy Ace 2, and now reports suggest that the Korean company is set to unleash the third generation of the Galaxy Ace phone soon.

According to a SamMobile report, Samsung is gearing up to launch the Galaxy Ace 3 in May. The Galaxy Ace 3, according to the site's sources, sports the model number GT-S7272 and will hit the market in week 22 or 23 of 2013, which is between May 27 and June 9.

"Last year, Samsung announced the Galaxy Ace 2 and a year before Samsung announced the Galaxy Ace for the first time. This year Samsung will follow-up the Galaxy Ace line with a new Galaxy Ace!" reports SamMobile. "The Galaxy Ace 3 codenamed GT-S7272 (which hints to DUAL-SIM) is planned for week 22/23." 

The Galaxy Ace 3 is set to receive several significant upgrades, including a bump in screen size from 3.8 to 4 inches. The screen resolution of the entry-level phone is not known at this juncture.

No details on the form factor are currently known, but Samsung will likely stick to the design of the Galaxy Ace 2.

The Galaxy Ace 3 is also expected to get an improved processor. The Galaxy Ace 2 packs in a dual-core NovaThor U8500, clocked at 800 MHz, whereas the Ace 3 will likely feature a 1.2GHz dual-core processor.

The Galaxy Ace 3 will also sport a 5-megapixel primary camera (like the Ace 2), 4GB of on-board storage, a 1500mAh battery, Bluetooth 4.0 and Android Jelly Bean.

The Galaxy Ace 3 is expected to come in four color options — Metallic Black, Metallic Blue, Pure White and Wine Red. According to SamMobile, the smartphone will likely be priced at €300 or lower. At this juncture, it is unknown if the phone will be released in the U.S. as well.

On paper, the leaked specs of the Galaxy Ace 3 are not much of an improvement on the previous generation. We'll have to wait and see if Samsung pull out any rabbits from the hat at launch.