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Samsung may be gearing up a second Galaxy Gear smartwatch

The Galaxy Gear 2 is being revved up with a possible announcement set for early 2014, claims a Korean news site.

Now playing: Watch this: Samsung Galaxy Gear watch that pairs with your phone

Samsung unveiled its first smartwatch just a couple of weeks ago. Is a successor already in the works?

A Galaxy Gear 2 is indeed currently in development, at least according to Korean news site Media. According to unnamed sources, the next version of Samsung's smartwatch will offer GPS, improved battery life, and support for a greater array of Android devices. The Galaxy Gear currently can pair with one device only -- Samsung's Galaxy Note 3.

The new watch could be unveiled next year at the Consumer Electronics Show in January or the Mobile World Congress in February, say the sources.

Why would Samsung release a second smartwatch when the first one hasn't even reached consumers yet? The first Galaxy Gear is reportedly Samsung's attempt to test the waters of the market before it launches a second, more finely tuned product, says Media.

It's a safe bet that Samsung is already thinking about its next smartwatch. But the company would certainly want to wait to see how the first watch fares before diving back into the market so soon. So for now, we'll have to file this bit of news firmly in the rumor department.

The current Galaxy Gear will sell for $299. The watch and the Note 3 are expected to go on sale in the US in early October.

(Via TechKiddy)