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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.
(Read more: Samsung reveals smartwatch, new Galaxy Note)
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.
(Read more: Apple's iWatch and wait approach )
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.
(Read more: Smartwatch wars: The top contenders)
—By CNBC's Cadie Thompson. Follow her on Twitter .