Two versions of the phone are being tested - one with a Snapdragon 620 processor and another with a Snapdragon 820.
Elsewhere, the device is rumored to have 3GB of RAM, a micro-SD card slot and a non-removable battery.
Anonymous sources claim the device is currently being tested in China.
Microsoft and Philips have been working on flexible screens in the past but they have delivered nothing more than concepts.
With customers wanting larger screens, a fold-able device would be the ideal solution for a portable hybrid phone-tablet.
If the rumors should turn true, that would give Samsung an enormous advantage over its arch rival, Apple.
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