The wearable device space is about to get a lot more exciting. The grapevine is abuzz that Samsung is gearing up to launch its first Android Wear smartwatch at the Google I/O, which will be held from June 25 to June 26 in San Francisco.

The news is courtesy CNET's reliable sources who spilled the beans.

"Samsung plans to introduce its first Android Wear device at Google's developer conference next week, people familiar with the matter told CNET. The wearable will be a smartwatch, much like the Gear devices Samsung has released in the past year, the people said," reports the site.

The Samsung smartwatch will apparently run Google's new Android Wear operating system, which has been tailored keeping wearables in mind. Google took the wraps off the Android Wear OS in March this year and claims that it is designed to get "real-time speed, distance and time information on your wrist for your run, cycle or walk."

The Samsung smartwatch will come in two models per CNET's sources. One model will deploy the company's chips, whereas the other will have a chipset from Qualcomm. However, at this juncture it is not clear which version Samsung will unveil at the Google I/O.

Samsung is not new to the wearable device space and already has four smartwatches to its credit. The company launched its first-ever smartwatch - the Galaxy Gear - in 2013, followed by the Gear 2 and Gear 2 Neo as well as the Gear Fit.

Lately, we reported that Samsung could be in the process of launching an Android Wear-based smartwatch as FCC documents filed by the Korean company seemed to hint so. The product (codenamed SM-R382) is speculated to be a smaller variant of the company's Gear 2 smartwatch, which runs on Samsung's Tizen OS.

CNET's sources also said that LG will be giving company to Samsung and will unveil its variant of the Android Wear-powered wearable device at the Google I/O. Motorola may also hop on to the smartwatch bandwagon and introduce its first-ever wearable device as well.

Moreover, the attendees at the Google I/O may get lucky as Samsung could give out its Android Wear-powered smartwatch!

With the Google I/O knocking on the door, it will be interesting to see what is in store for consumers as the competition in the smartwatch space heats up.

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