LG is building Google's long-awaited smartwatch, according to The Wall Street Journal. Citing "a person familiar with the situation" in Barcelona, the Journal claims that LG's hardware partnership with Google will soon expand to include the wrist-worn device. But it may not be the only manufacturer involved; other companies may also produce Google smartwatches, according to the report. That strategy would be similar to the one Google uses for its Nexus family of smartphones and tablets, which pulls in hardware from more than one company. According to CNET, Google plans to unveil the watch's operating system sometime in March, saving the device's big reveal for its I/O conference in June. Famed Twitter leaker @evleaks also tweeted similar details earlier today.

Back in October, the Journal reported that Google's smartwatch "could be ready within months." The device is expected to place a strong focus on Google Now and glanceable information, but little else about its capabilities is known at this early stage. If and when Google does enter the smartwatch market, it will immediately face major competition from Pebble and Samsung, among other contenders. And of course there's Apple's rumored "iWatch," which may also debut at some point this year. Google I/O 2014 takes place between June 25th and 26th.

Update: The Journal has confirmed the report based on comments that LG mobile chief Park Jong-seok made in Seoul today. The watch will reportedly be compatible with devices from various companies, and a Journal source says it will be based on Android.