As per Mashable India, the feature is currently under development by the platform and was spotted by WABetaInfo, a popular website that pushes regular updates around WhatsApp.
The feature, as per the report has been enabled for beta testing users. WABetaInfo stated, "WhatsApp is working on video quality settings, so you will be able to send videos using the best quality available (under development). In this beta, WhatsApp is working on the same settings for images, so the best quality will be available when you send pictures too!" There is no such feature available on WhatsApp, currently and it automatically compresses the image and video quality as per its limit, which also degrades the image or video quality most of the time.
Mashable India reported that WhatsApp will introduce the same settings as the one meant for managing the video quality. These include 'auto (recommended)' that "detects the best compression algorithm for specific images", 'best quality' that "sends the image using the best quality available", and 'data saver' "where compression is enabled when Data saver is enabled in your Android settings". Apart from this, WhatsApp is also working on a large link preview for its iOS users to make it easier for them to check out what the links are all about. The large preview link feature is currently under development and will be available for users soon.