LG is reportedly preparing a brand new device that it hopes will go toe-to-toe with Samsung’s Galaxy S III. The South Korea-based media outlet DDaily referred to the phone as a possible “Galaxy S III killer” and said that LG is currently calling the project “D1L.” The phone’s official name has not yet been decided upon, but it will allegedly come equipped with a 4.7-inch display with a 1280 x 720-pixel HD resolution, a Qualcomm’s MSM8960 Snapdragon S4 processor and Android 4.0 Ice Cream Sandwich. Samsung has been mum with any details surrounding the Galaxy S III and when it might launch, although a recent alleged press invite suggests an announcement could be made on May 22nd. LG’s D1L device could launch as soon as next month, too. We’ll keep you updated with further details on both phones as they are made available.