Update: we've now published our in-depth Panasonic Lumix LX5 review

The Panasonic Lumix LX5 has been officially announced, with the camera becoming the flagship model for the entire Lumix range.

Panasonic's popular Lumix range has sold well for the company, and the LX5 is a successor to the well-received LX3.

Described by Panasonic as 'the ultimate compact, high-performing digital camera offering photo enthusiasts the ideal camera for capturing professional-quality photos and High Definition (HD) video', the Lumix LX5 brings an improved ultra-bright F2.0 ultra-wide-angle 24mm Leica lens and the optical zoom is extended to 3.8x (90mm).

Our colleagues over at PhotoRadar have already carried out a hands-on review of the LX5.

Popular models

"The Panasonic Lumix LX-Series cameras have been extremely popular models for us with professional and enthusiast photographers, who understand and value the superb image quality such a compact, affordable digital camera can offer," said David Briganti, Senior Product Manager, Imaging, Panasonic Consumer Electronics Company.

"We expect the same enthusiasm, if not more, for the LUMIX LX5, which features improvements to the lens and processing – resulting in even better images."

The Panasonic Lumix LX5 will be priced at $499.95 (c£327) when it arrives in the US in late August 2010, although a UK release date and price has yet to be announced.