LG Electronics is no different from the myriad of other technology companies in that they source key components - like the application processor - from others when building mobile devices. That's all set to change in the near future, however, as they are planning to make their own chips according to a report from the Korea Herald.

A spokesperson for the company confirmed they will be mass-producing application processors "soon" but failed to provide any further details. That said, an industry source familiar with the situation told the publication production would get under way during the second quarter of this year.

Specifically, the chips would be designed in-house at LG and manufactured by Taiwan Semiconductor Manufacturing Company. Some believe an LG-branded chip could show up in the company's next flagship smartphone, the G3.

That handset, the successor to the LG G2, is expected to make its debut before the end of this month or perhaps early next month. Sources say LG wants to introduce the G3 before summer hits when many consumers go on vacation. It's all about timing here, it seems.

The LG chip won't be limited to high-end devices, we're hearing. It could also be deployed in mid-range and entry-level smartphones from LG and others. One would suspect the chip could also power tablets and perhaps even wearables but the report didn't touch on those markets.

LG Electronics is already a household name thanks to a vast product catalog that includes everything from televisions and refrigerators to computer displays and smartphones. Expanding further into mobile only makes sense at this point as we delve deeper into the post-PC era.