There is even speculation that the Company could roll out the device even earlier than September.
According to sources Samsung management have conducted research in several markets that reveal that millions of consumers who quit owning an iPhone because of size issues will potentially flock back to owning an Apple device when the larger 4.7" inch iPhone 6 is released in September.
Staff at Telstra stores have told ChannelNews that every day they get consumers asking for the new iPhone 6 "with the big screen".
The Galaxy Alpha is believed to be an all-aluminium 4.7-inch smartphone aimed directly at the iPhone 6.
Suppliers in Asia claim that Apple has placed "massive" orders for components for the new iPhone 6 "way in excess of a normal smartphone launch" said a Sharp source.
Sharp are making the display screens for the new device.
ChannelNews understands that Samsung will ditch the traditional plastic Galaxy cover on the Alpha model in favour of aluminium which is more robust and delivers a premium finish. What is not known is whether the Alpha model will be heavier than the S5.
Some reports suggest the 4.7-inch Alpha screen will have a 2560 x 1440 Quad HD resolution to battle any Retina screen from Apple.
Other specs include 2-3GB of RAM, 32GB of internal storage, and a 20 megapixel camera.