After launching the “iPhone killer” Galaxy S4 smartphone last week, the South Korean tech giant plans to dominate the market for wearable technology.
A Samsung spokesman said: “We’ve been preparing the watch product for so long.
We are preparing products for the future, and the watch is definitely one of them.”
Unfortunately, no images have been officially released, but unconfirmed leaks in February showed pictures of "Galaxy Altius" - understood to be the new watch.
Experts believe the leak proves their new watch would run on Google's android operating system.
It is thought that Apple have been designing their 'iWatch' for years, but have so far not made any direct release announcement.
And, like Samsung, they haven't unveiled any official pictures of what an iWatch would look like.
Any new smart watch would have to perform all the functions of a modren smartphone, but would also include extra features like heart rate monitors.
Excitement about this technology has been building in recent years — particularly since the release of Nike’s Nike+ Fuel Band.
The wristband monitors the wearer’s gym performance, and can upload information to smartphones like the new Samsung Galaxy S4 or an iPhone.
Samsung is thought to be developing their new designs because sales of smartphones have been declining in recent years as the market has become saturated.
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