Google is also jumping on the smartwatch bandwagon, joining hands LG to unveil a product in June.
According to the Wall Street Journal on Sunday, the two hope to launch an operating system for the device next month and unveil the finished gadget at the mid-year Google I/O conference.
LG first showcased a smartwatch that also measures the wearer's pulse at the Consumer Electronics Show in Las Vegas last month.
The plan heats up competition after Samsung unveiled new smartwatch models on Sunday, five months after it rolled out its first, the Galaxy Gear.
In the smartphone market, Google and Samsung have joined hands to develop devices running on the Android OS, but in the smartwatch market they will compete against each other.
Samsung's new smartwatches come with Tizen, its homegrown operating system backed by Intel, in a move that apparently shows the electronics maker is trying to cut dependence on the Google OS, the paper said.