The LG G Watch just launched back in June, but a successor is reportedly in the pipeline already, set to debut at IFA 2014.

LG launched its original G Watch device (pictured above) at Google's I/O developer conference in June, releasing the smartwatch as a launch vehicle for the new Android Wear OS. Despite the fact that the LG G Watch is still fresh on the market, the company is reportedly planning to launch another iteration already to challenge Apple's highly-anticipated iWatch.

The upcoming IFA 2014 trade show will reportedly be the chosen venue to unveil the second-generation LG G Watch, if a new report turns out to be accurate. The latest news comes from the Korean Times (via GforGames), which cites an LG official as claiming that the LG G Watch 2 will be a "serious game changer." The official further told the publication that the next LG G Watch will directly challenge Apple's upcoming iWatch, which should translate into top-of-the-line specs, features, and design.

The Korea Times has not really provided specific details regarding the gadget's specifications, but it did reveal that the LG G Watch 2 will pack a Qualcomm processor like the original model, not LG's own Odin SoC. Odin has been in the works for quite some time, but it is apparently still not ready.

LG is reportedly working with its partners, mainly LG Display, LG Inotek, and LG Chem (which will supply the battery) for the next-generation LG G Watch. In terms of software, the gadget is still expected to run Google's Android Wear, just like the original LG G Watch.

Lastly, LG is also said to be in talks with "top watchmakers," which would further bolster claims that it will launch as an iWatch challenger. Apple was also rumored to seek collaboration with heavyweight watch companies for its upcoming smartwatch.

"[LG has been] approached by a lot of authoritative watchmakers for strategic collaboration. They need us and LG also wants to use their well-known brand image to boost the awareness of our smartwatches in key target markets," one source revealed to the Korea Times.

No further details are available at this point, but more information should surface shortly if LG does indeed plan to unveil its next-generation G Watch at the IFA 2014 trade show. We'll keep you up to date as soon as we learn more, so stay tuned.