The Galaxy S, which runs Google Android and was launched in June, is Samsung's answer to Apple's iPhone. It features Super AMOLED technology, which Samsung introduced at Mobile World Congress on the Samsung Wave.
Galaxy S sales almost match the overall number of smartphones Samsung sold last year. Samsung also said it hopes to sell a further five million Galaxy S handsets before the end of the current quarter.
Seo Won-seok, an analyst at NH Investment & Securities, told Reuters, the target sounds achievable as "Samsung has plenty of cards to play, including price cuts and extending offerings to a wider group of carriers".
"The only risk will be a shortage of key components such as high-quality display screens."