Rumors abound that Apple will soon release the so-called iWatch, kick-starting a new consumer rush for a groundbreaking mobile product.

Although Apple is yet to confirm plans for this iOS-powered smart watch, an Apple-branded wrist-worn iDevice is clearly in the works. Patent filings, supply chain chatter, and industry analyst sources all tell us that much.

Understandably, Apple’s chief rival in mobile – Samsung – is refusing to let Apple have the smart watch market all to itself.

An executive with Samsung has even confirmed plans for the company to market what will likely be an Android-powered smart watch.

“We’ve been preparing the watch product for so long,” Lee Young Hee, executive vice president of Samsung’s mobile business, tells Bloomberg. “We are working very hard to get ready for it. We are preparing products for the future, and the watch is definitely one of them.”

For the time being, Lee isn’t dishing on the features, availability, or price of the forthcoming Samsung smart watch. But it’s definitely coming.