LG might have designed the new watch alongside its previously launched LG G smartwatch.
LG's next generation smartwatch could be a lookalike of Moto 360, which is round in shape and is reportedly called LG G Watch R.
The new watch will be perfectly circular without any window at the bottom, like the one Moto 360, giving it a more traditional look.
R will stand for Round, along with a button the right side which most traditional watches have, according to Engadget.
The watch reportedly feature a distance meter and compass, and a digital step counter and bug fixes.
The G watch was launched less than three months ago and LG is planning to launch the R watch at the IFA 2014 scheduled next week.
According to reports, the company might have started the production of R Watch along with G Watch as the product development usually takes about year.
Reportedly Asus, Samsung, and HTC will be launching wearable tech in the IFA 2014 conference to be held in Berlin, and with the new watch, LG might be planning to compete directly with others.