NEW YORK (TheStreet) -- Samsung (SSNLF) is said to be working on a new smart watch that will operate as a standalone phone, and is planning on unveiling the device in the next few months, the Wall Street Journal reports.

Unlike the smart watches currently on the market, this new watch/phone from Samsung will be able to make and receive phone calls without having to be connected to a smartphone.

The South Korean company is currently the top seller of smartphones and is in talks with U.S., European, and South Korean telecom carries regarding the new gadget, the Journal said.

Must Read: Warren Buffett's 25 Favorite Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Those familiar with the project told the WSJ the smart watch will run on "Tizen," Samsung's "homegrown" operating system, which was co-developed with Intel Corp. (INTC) - Get Report.

SSNLF data by YCharts

Image placeholder title

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.