Samsung Electronics is expected to announce two new foldable smartphones in January 2016 featuring AMOLED panel technology, 3GB of RAM, a microSD card slot and a non-removable battery, according to a report from Korea-based ET News citing sources familiar with the project.

The report said the two devices will differentiate in their chip technology, with one version equipped with Qualcomm's Snapdragon 620 chip and the other an 820 chip.

The report added the move comes as Samsung aims to bump up its innovation and competitive edge in the market to spur more sales of smartphones and AMOLED displays.