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Last month, Apple filed for a patent application that describes a “slap bracelet.”

Watch out, Apple: You’re not the only company developing the next generation watch.

In an interview with Bloomberg, Samsung VP of Mobile Lee Young Hee told Bloomberg that “we’ve been preparing the watch product for so long,” so a Samsung SmartWatch is definitely in the works.

But Hee wouldn’t give any more details past the fact that Samsung is trying hard to bring the watch to the market.

Sources told Reuters that the Samsung SmartWatch will “perform many of the tasks of a smartphone.”

Last week, Samsung unveiled its newest flagship smartphone, the Samsung Galaxy S4.

Earlier this month, Bloomberg was out with another report that unveiled more details about Apple’s souped-up watch and said that the product could arrive by the end of 2013. That article suggested the “iWatch,” which reportedly could make calls, check caller ID, show map coordinates and carry a built-in pedometer and health monitoring sensors.

We haven’t heard much from Microsoft in terms of a SmartWatch, but the Redmond software giant actually tried to get involved in the space about a decade ago. Right around the time that Microsoft was trying to get us to use the first generation of Tablet PCs, the company was also pushing the concept of smart watches — wireless devices that displayed information such as news headlines, sports scores, gas prices and weather. The project was officially retired last year when Microsoft shut down the service that powered the devices via FM transmissions.

Locally, two Seattle friends are currently raising funds for their geeked-out wristband Kickstarter project.

Previously on GeekWire: Wearable computing: How technology will soon be stitched into our lives

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