The business of virtual reality is beginning to spread now that Facebook has obtained the Oculus Rift and Sony has announced Project Morpheus. The next contender planning on announcing a virtual reality device is Samsung. According to an Engadget report, so much progress has been made on the virtual reality project that it could possibly be announced later this year.

Some developers already have their hands on the early versions of the headset, which is powered by flagship Galaxy devices, however, the final consumer model should require the power of next-gen Galaxy phones and tablets which haven't been announced yet.

Not much else has been revealed about the device. Engadget reported that it "has an OLED screen, as good or better than in the second Rift dev kit; it's not clear how the headset connects to your phone/tablet, but we're guessing it's a wired connection rather than wireless. It's also not clear how, or if, Samsung's VR headset tracks head movement depth-wise. In the case of both Project Morpheus and Oculus Rift, separate cameras face the player and track depth by reading sensors on the respective headsets."

To successfully compete with the competition, Samsung plans on targeting a lower price to undercut Sony and Oculus while offering a new experience to accompany Android games. No specific details about the technical specs have been revealed.