Speculation that wearable smart watches are the "next big thing" in tech continues to mount, as a pair of new reports claim both Google and LG are working on their own wrist accessories.

Word of Google's alleged work on a smart watch was reported by the Financial Times, while The Korea Times added that electronics maker LG is also working on its own watch. Those new reports, unsurprisingly attributed to unnamed sources, join claims that Apple is working on a so-called iWatch, while Samsung has publicly admitted that it is readying what would be the company's third attempt to offer a successful wrist-worn accessory.

Interest in smart watches picked up last year when a Kickstarter campaign for the Pebble wrist watch earned more than $10 million. After a few delays, the device began shipping to supporters this year, and has received generally favorable reviews.

Competitors like the MetaWatch, I'm Watch, Sony Smartwatch, and Cookoo are also currently available for purchase.

Google allegedly views its wristwatch project as a device that could have more mainstream appeal than the company's in-the-works Google Glass project, which offers users the ability to read messages and take photos with a device worn on their head in the same of normal glasses. Google Glass emanates from the search giant's experimental "X Lab," while the company's proven Android team is instead said to be handling development of the rumored Google Watch.

As for LG's watch, that alleged device is said to have a touchscreen, but it's unknown what operating system the device may run. Two options presented by the Korea Times were Android or the Firefox mobile operating system.

However, the same report also erroneously said that Apple "recently leaked photos and information of its iWatch to foreign media outlets." While it's possible that Apple may have secretly leaked information about the rumored device, to date there have been no pictures of it or any of its components âÂ only fan-made mockups.