While Intel shared its Internet TV dreams during the early part of 2013, the embers quickly died when Brian Krzanich took the helm as its chief executive officer in May. Krzanich is apparently not a fan of Internet TV but he's betting big on the wearable technology niche.

Verizon is allegedly negotiating with Intel to purchase the latter's web TV venture but at the moment, both companies will not say a thing about the said deal. According to reports, an announcement about the results of the said negotiations can be expected soon. The Internet TV service of Intel is allegedly to have a sticker price of around $500 million.

"Wearables is wide open. What you will see at CES is that we are actually going to bring some very innovative wearables to the show that are developed and manufactured here," said Krzanich in an interview.

The Intel CEO acknowledged the achievements of the company in the PC market but confessed that there have been big changes in the tech industry with the emergence of tablets. Venturing into Internet TV would have spelled losses for Intel, so instead, Krzanich wanted to focus on how to survive in the dwindling PC market and how to compete in the evolving mobile devices market.

The top executive of the chip manufacturer also explained why he does not see Intel having an immediate impact on the web TV niche.

"You could have the biggest screen, you could have the clearest screen. But if there is not great content on this thing, that big-screen TV is not a huge value to you, even though it has the best picture on the planet," Krzanich explained. "When you go and play with the content guys, it's all about volume. And we come at it with no background, no experience, no volume. We were ramping from virtually zero and so what we've said is we are out looking for a partner that can help us scale that volume at a much quicker rate."

During the upcoming 2014 International CES, Intel is also expected to announce new Quark chips that might make it under the hood of future gadgets, including wearable technologies.

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