Samsung unveiled its Galaxy Gear smartwatch earlier this month, but the company may already be working on its next version of the device, according to a Korean news site.
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The next-generation Galaxy Gear smartwatch will reportedly feature GPS, improved battery life and will work with more Android devices, according to Daum.net. The device also could be unveiled as early next year, perhaps launching at the Consumer Electronic Show in January or at the Mobile World Congress in February, sources told Daum.
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The Galaxy Gear smartwatch Samsung introduced earlier this month is expected to go on sale in the U.S. in early October and will price at about $300. The current device can receive and make calls, take pictures and has built-in sensors that can track a user's physical activity. It also has a notification function that alerts the user when they receive messages, like texts or emails.
A Samsung representative didn't respond immediately to a request for comment from CNBC.com.
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Other tech companies, including Apple and Google, are also thought to be working on similar devices. However, neither has officially confirmed plans for a smartwatch.
—By CNBC's Cadie Thompson. Follow her on Twitter @CadieThompson.