Pyongyang is under multiple UN sanctions over its nuclear and missile tests and is prohibited from carrying out any launch using ballistic missile technology including satellites.
"Through various channels, we've recently learned that the North has completed a new satellite and named it Kwangmyongsong-5", the Joongang Ilbo daily reported, quoting a South Korean government source.
"Their plan is to put a satellite equipped with cameras and telecommunication devices into orbit", he said.
Pyongyang launched their Kwangmyongsong-4 satellite in February 2016, which most in the international community viewed as a disguised ballistic missile test.
A spokesman for the South Korean military joint chiefs of staff said there was "nothing out of ordinary at this moment" but added that Seoul was watching out for any provocative acts "including the test of a long-range missile disguised as a satellite launch".
The report came as the North's ruling party newspaper Rodong Sinmun reasserted the regime's right to launch satellites and develop its space technology.
In a commentary published on Monday and titled "peaceful space programmes are sovereign countries' legitimate rights", the daily said Pyongyang's satellite launches "absolutely correspond" with international laws concerning space development.
He stressed North Korea's right to produce and launch satellites "will not be changed just because the US denies it".
North Korea is believed to have successfully put a satellite into orbit in December 2012 after years of failures dating back to 1998 when it launched a pilot satellite and named it Kwangmyongsong-1.
Earlier this month, the Russian newspaper Rossiyskaia Gazeta quoted a Russian military expert, Vladimir Khrustalev, as saying that North Korea was expected to launch two satellites -- an Earth exploration satellite and a communications satellite -- in the near future.
Khrustalev made the remark after returning from his week-long trip to North Korea in mid-November when he met with representatives of the country's National Aerospace Development Administration (NADA), the Russian daily said.
Tensions have soared as the isolated regime has staged a series of atomic and intercontinental ballistic missile (ICBM) tests -- most recently on November 29.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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