Besides LG Electronics, Samsung is expected to debut a new smartwatch running Android Wear, Google's new OS designed specifically for wearables, at next week's I/O event. CNET reports that Samsung is working on at least two devices, one running a Qualcomm chipset and another using Samsung's own chips.

Samsung launched the Galaxy Gear last fall, and then followed that device up with the Tizen-based Gear 2 and Gear 2 Neo, as well as the Fitbit-like Gear Fit only months later.

Google announced Android Wear earlier this year and both LG and Motorola have revealed their plans for new smartwatches running the OS. Both companies are expected to launch their devices next week.