Rumor has it that the new version of the LG G Watch will be launched during the upcoming 2014 IFA in Berlin. 

While the LG G Watch was received with mixed reviews, per website AndroidCommunity.com, LG has heeded the comments on their device and is planning to launch an upgraded and physically enhanced model.

"The insider info on the LG G Watch 2 is that it would have an OLED display to improve the pedestrian LCD experience from its predecessor. Rumors also point to a better aesthetic design that the original G Watch, more in keeping with consumer tastes than Google's reference point," reported the site.

The brand is reportedly working on releasing the G Watch 2 in September, which means it might be going head to head with Apple's rumored iWatch along with the Moto 360 - all of which are slated for an end of 3rd quarter release.

Korea Times, via Phone Arena refers to the upcoming watch as a "serious game changer." Per Korea Times, an LG official was quoted as saying that LG has been "working on a September release for the new smartwatch alongside Google's wearable platform. The IFA fair may be the venue to see the upgraded smartwatch."

While it is believed to still run on Android Wear, it'll ditch LCD technology for AMOLED but as to its physical parameters, there is no word yet on how the finished product will look.

Other news reports indicate that LG may be stepping it up in terms of quality and luxury. Taking a hint from Apple, who is said to be pirating some big names from other companies including Tag Heuer and Nike, LG is believed to be in talks with watch-makers in an attempt to come up with a more premium device, shared TechRadar.

Aside from the overall design, LG could also do well to improve the device's battery life.

When LG was requested for a comment on the said rumor, the tech company didn't give any details and preferred to say mum. "LG will continue to support the Android Wear platform beyond the G Watch. But to date, no details of future Android Wear products have been confirmed," it stated.

What're your thoughts? Would you get the second generation LG G Watch or opt for an iWatch? Let us know your thoughts below!