GSMarena reported that Samsung is working on a Galaxy S III-based point and shoot camera that will run on Android 4.0 Ice Cream Sandwich. Similar rumor was already circulated back in March. Samsung also filed a patent for a Galaxy based camera. The rest of the specs: 4.8" SuperAMOLED screen, 10x zoom, 16MP sensor, Xenon flash, Wi-Fi and 3G + Wi-Fi versions.
The official announcement is expected during the IFA show in Berlin (August 31 - September 8, 2012).