Samsung's Gear 2 smartwatch Business Insider/ Lisa Eadicicco Samsung may be preparing to announce another smartwatch today at Google's annual developers conference that will run on Android Wear — Google's version of Android specifically made for wearable devices.

The watch is expected to be called the Gear Live, keeping with Samsung's branding for the smartwatches it has released so far, according to Spanish tech blog ALT1040 (via Sam Mobile).

Like Samsung's Galaxy S5, the purported Gear Live is expected to feature a built-in heart rate monitor and may be water and dust resistant. It could launch as early as July 7, if the rumors turn out to be true.

The watch is expected to be about the same size as Samsung's previous Gear watches, but could be a little slimmer. The allegedly leaked specifications point to a 1.63-inch screen for the Gear Live, which is the same size as the screen on Samsung's Gear 2.

Last week, however, a Samsung smartwatch passed through the FCC with dimensions that were slightly thinner than the company's current watch. It's unclear if this watch is the same as the Gear Live or if it's a different device entirely.

Samsung has released three smartwatches within the past year: its original Galaxy Gear, the Gear 2, and the lower-end Gear Neo. While the Galaxy Gear was based on standard Android, Samsung has made the switch to Tizen for its newer flagship. Tizen is another open source operating system based on Linux.

Samsung and Intel have played a large role in developing Tizen over the past few years, and many have speculated that Samsung plans to shape it into it's own self-branded smartphone software to decrease its reliance on Google.

If Samsung does decide to release an Android Wear smartwatch in the near future, we can probably expect it to be a little different than the other watches in its Gear line, which haven't really caught on with mainstream consumers just yet.

The Gear 2 and Galaxy Gear function sort of like a shrunken down smartwatch on your wrist, but Google has made it clear that Android Wear isn't built for that purpose. Rather, Android Wear is meant to provide "glanceable" notifications, which means the watches will present information that's relevant to you with little interaction required.

So far, Motorola and LG have already revealed their respective Android Wear watches, the Moto 360 and G Watch. We expect to learn more about Android Wear around noon on Wednesday when Google kicks off its keynote.