The smart watch, which will run on Samsung'a homegrown Tizen OS, will be able to make and answer calls without having to be tethered to a smartphone, as is the case for most smartwatches available in the market. It will also take photos, send emails and will be equipped with GPS, Bluetooth and a heart monitor.
Samsung is currently the top seller of smart watches; this is the company's fifth such device. The phone maker is in talks with carriers in the U.S. and Europe and hopes to launch it in June or July.
Citing unnamed sources the Wall Street Journal reported that it was unclear whether a user would make calls by holding the watch up to his or her mouth or even what the device will be called.
Wearable technology has been gaining popularity as devices like the Fitbit fitness band and the Pebble have become popular in the smart watch and wearable market. Samsung has a 23 percent market share, behind Sony's 29 percent.