Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) is apparently working on a device that’s similar to the smart watch (or iWatch) Apple Inc. (NASDAQ:AAPL) is said to be working on. Of course this would pit the two companies against each other yet again in a head to head match-up.

samsung smart watch

Reuters cites anonymous sources who say Samsung is creating a wearable computing device that’s similar to a watch and that would offer many of the same functionalities as a smartphone. At this point Samsung is declining to comment directly on any new products it might be developing.

Reports indicate that Apple Inc. (NASDAQ:AAPL) will release its iWatch sometime this year. Upon reviewing some patents that the tech giant has filed recently, the watch may have a curved glass screen and run on iOS, just like the iPhone.

Shares of Samsung Electronics have fallen since the company released the latest update of its flagship phone, the Galaxy S4. Investors have been concerned that the new smartphone doesn’t have enough new features to warrant an upgrade. However, history shows that a fall in shares after a product release is expected. Samsung’s stock also fell last May when the Galaxy S3 was released.

Shares of Apple Inc. (NASDAQ:AAPL) rose almost 3 percent in Monday trades and continued inching upward in pre-market trades on Tuesday. Some analysts are predicting that the iPhone 5 could be in trouble now that the Galaxy S4 is out. They believe Apple Inc. (NASDAQ:AAPL) could be overtaken by Samsung because of the Galaxy S4 release. Of course others, like notable Apple Inc. (NASDAQ:AAPL) bull Gene Munster, aren’t worried.