Not doing an "official" News Story because it's still a huge... damn, what's that word I despise??? O yea.,... a RUMINT. 
Snippet:
Speaking to Android Police, a reliable source has told us that Google is currently building two Android Wear devices - possibly Nexus-branded - for release some time after the latest Nexus phones are announced. One watch will be larger, sportier, and more fully-featured (LTE, GPS, heart rate), the other will be smaller and lack the aforementioned mobile data and GPS.
SOURCE

Snippet:
Speaking to Android Police, a reliable source has told us that Google is currently building two Android Wear devices - possibly Nexus-branded - for release some time after the latest Nexus phones are announced. One watch will be larger, sportier, and more fully-featured (LTE, GPS, heart rate), the other will be smaller and lack the aforementioned mobile data and GPS.
SOURCE