The long rumored Samsung smartwatch is set to be unveiled next month, according to a report from Bloomberg. The outlet's sources describe the device as a wrist watch-like smartphone that allows you to make calls, use email and surf the web.

Bloomberg's sources claim the device will be called the Galaxy Gear, the same name a recent Samsung patent filing pointed at. That patent outlined a digital electronic wearable in the form of a wristwatch, band or bangle with full internet and messaging capabilities. Samsung's wearable device will not have a flexible display, but according to the sources, the company is indeed still working on a watch prototype that does.

The Samsung Galaxy Gear will be available to the public this year in order to compete with Apple's watch project, according to the sources. The device is to be revealed on September 4, just two days before IFA and the same day the Samsung Galaxy Note 3 phablet is expected to be unveiled.

It is unclear as to whether or not the Galaxy Gear is operating as a completely stand alone device or designed to access content and services through your smartphone or tablet. Some have suggested the first to market a proper smartwatch could really bolster platform adoption rates. With Sony unvileing its SmartWatch 2 already, and with Apple and Microsoft both appearing to be entering the wearable computing space in the near future, the race looks to have gotten even tighter.