Samsung may be preparing to launch its thinnest smartphone yet, according to new rumors. The new Galaxy S III will be only 7 millimeters thick and will launch in May. At 7 millimeters, the Galaxy S III will be one of the thinnest smartphones ever, and will beat the current generation Galaxy S II by almost a millimeter and a half.

Korean news site Electronics Times News (Google Translation), also claims that the newest iteration of Samsung’s flagship smartphone will sport a Super AMOLED Plus display, Android 4.0 Ice Cream Sandwich, 8 megapixel front camera and 2 megapixel rear camera, quad-core processor, and 4G LTE capability. Previous rumors have suggested the phone would also have 2 GB of RAM and possibly even 3D functionality. Another report recently hinted that the Galaxy S III may have a waterproof Liquipel coating right out of the box.

While these are still just rumors, the specs listed by ET News are reasonable. The loss of over a millimeter of thickness would be a pretty impressive feat. Also, a May release date would allow Samsung the chance to beat Apple’s next iPhone – presumably coming out in June or July – to the shelves. We’ll keep you posted as more information becomes available.