The phone was fully expected to launch at the flagship event in Barcelona later this month, but Samsung has stated there will be a separate event to show off the new device:
"Samsung is looking forward to introducing and demonstrating exciting new mobile products at Mobile World Congress 2012.
"The successor to the Galaxy S2 smartphone will be unveiled at a separate Samsung-hosted event in the first half of the year, closer to commercial availability of the product.
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"Samsung stays committed to providing the best possible mobile experiences for customers around the world."
Mano a mano
It's not good news for Android fans, as the Galaxy S3 was expected to pick up where the S2 left off but with a faster processor, larger screen and a wealth of next-gen content.
The fact Samsung is looking to launch the phone 'closer to commercial release' hints at either a delay in manufacturing the S3, or a strategic decision to rival the iPhone 5 which is rumoured to be launching in July.
Either way, it's a disappointment - and more petrifying is the thought of Samsung and Apple going head to head in the hype-wars later this year...