So of you may get confused with Mi4 and Mi4i. Mi4 is actually the 2014 flagship smartphone from Xiaomi and Mi4i is not the replacement nor the 2015 flagship smartphone. It just a new model of affordable mid ranger smartphone
Rumor says that Xiaomi maybe coming out with another new affordable smartphone that will be using the Qualcomm Snapdragon 808 (MSM8992) which is the same CPU chip with the LG G4.
The new device will be priced somewhere between the Redmi and Mi4i which is about RMB 1,499 (RM869). No further details on the specifications or the design. It may give a total new design.