Moto 360, Motorola's upcoming entry into the smartwatch industry, is rumored to be preparing for a July release.

Motorola gadget will be released at a price of £203, which would make it a bit more expensive than its LG counterpart, the LG G Watch, which will have a price of £179 on its May 27 release.

The anonymous sources also said that more information about the Moto 360 will be revealed in Google I/O developer conference in June.

There have been no latest official announcements from Motorola regarding Moto 360. However, since the smartwatch's development was first made public, the Moto 360 has become one of the most popular smartwatches because of the traditional design that it uses. The device features a circular watch face and leather or metal straps, which is a design that will be more familiar to its users compared to the square faces of other smartwatches.

The device will be using Google's Android Wear platform, with the LG G Watch set to become the first device to be released in the market that will be using the operating system. The only three brands that have adopted and are currently developing products using Android Wear are LG, Motorola and Samsung.

The Moto 360 will have the ability to connect with your smartphone so that you will be alerted of any incoming communications such as messages, calls and social network updates. The smartwatch will also be able to recognize the user's voice through the usage of OK Google commands, which can be used for setting up appointments and alarms, sending out messages and many more.

Other rumors for the Moto 360 indicate that the smartwatch will have an OLED display that is covered in sapphire glass. Motorola has also previously announced that the device will have a secret method for charging.