LG is joining the wearable computing race with a smartwatch of its own, and even a device that is similar to Google’s Project Glass.

Coincidence or not, we’ve been hearing a lot of buzz lately about various companies that are reportedly preparing watch-like wearable computers. The rumors first began swirling around Apple, said to have a team of 100 designers working on its “smartwatch”. As usual, Samsung is not far behind, with an executive of the Korean mammoth recently stating that Samsung has been working on a smartwatch “for so long”. Just yesterday, a report emerged about a smartwatch that Google’s Android team is designing, in addition to the already well-known Glass head-mounted computer.

Today, it’s LG’s turn to join the smartwatch fray, albeit unofficially. The Korean electronics maker is allegedly developing a product that would compete with Apple’s and Samsung’s similar offerings. The information comes from a “source familiar to the matter” quoted by the Korea Times. Moreover, LG is also developing a product that is similar to Google’s Glass.

The development of the two wearable devices is part of LG’s long-term strategy and represent “one major part of many currently non-commercialized products under development by LG Electronics”, according to the source of the report.

Interestingly, when asked about the operating system that would power LG’s wrist-worn device, the source declined to specify whether it would be Android or Firefox OS. The latter is a lightweight operating system based on internet standards, that LG publicly announced it will use on its devices.

Those familiar with LG’s older products may know that the company released several “smartwatches” over the time. One example is the GD910, a watch featuring phone functionality that never took off. But LG’s “next gen” device shapes up to be more than a phone replacement, thanks to the inclusion of powerful hardware.

With big names like Apple, Google, LG, and Samsung already making known their interest in the area, it’s becoming increasingly obvious that wearable devices are the next big thing in computing. For what it’s worth, Samsung and LG have the advantage of making many of the components required to build a smartwatch, from displays (flexible or not) to processors.

Who’s going to be the first on the market with a smartwatch? We could see in just a few months.