Im Watch (Android wristwatch 001)Update: The Korea Times reports that LG too is developing a smart watch and even testing products similar to Google Glass:

A source familiar with the matter told The Korea Times Friday that the Yeouido-based firm’s development of the next-generation watch, along with an innovative smart product similar to Internet giant Google’s Glass, was part of its long-term strategy to keep its competitiveness in the volatile information technology (IT) industry

While Apple and even Samsung have been at the heart of the rumors that new smart watch devices could be the products to keep an eye out for in 2013, Google too might try its hand at bringing a wearable computer in wristwatch form. According to a new report from The Financial Times, citing “a person briefed on the project,” Google’s Android unit is working on a smart watch platform of its own:

Google’s latest venture into wearable technology was more an attention-seeking gimmick than a serious new venture. But with the search giant ploughing significant resources into Google Glass, which embeds a screen, camera, microphone and other sensors into a pair of futuristic spectacles, it’s another indication that Google is serious about moving from the digital to the physical.

While Glass is being created in its X Lab, home to experimental “moonshot” projects such as the self-driving car, Google’s smart watch is being developed by its Android unit, according to a person briefed on the project

The fact that the device is reportedly being developed by Google’s Android unit, and not its experimental X Labs like Google Glass, could be an indication that Google plans to bring its watch product to the masses sooner rather than later. FT’s source also confirmed that the project is separate from the recently announced smart watch project from Samsung that is rumored to run a new operating system called AltiusOS and not Android.

Bloomberg reported in February that Apple had around 100 product designers working on its smart watch, and many analysts expected the product to be released by Apple as early as this year. Today’s report from FT doesn’t provide many details on what exactly Google has planned, but it’s a sign that Google isn’t betting on Glass as the be-all and end-all of wearable platforms. The report did note that Google is developing its smart watch “to act as an extension to the smartphones using” Android.