Samsung is working on a VR headset to be rolled out later this year, as “a measure of beating Facebook’s Oculus Rift and Sony’s Project Morpheus to market,” claims a new report.

Engadget reports, citing sources close to the company, the headset would be compatible with future Galaxy smartphones and tablets for an intense gaming experience.

“We’re talking about a virtual reality headset — along the lines of Oculus Rift, but more akin to the Android-powered GameFace Labs prototype — created by Samsung, powered by Samsung products,” read the post.

According to the report, several top tier developers are already testing the new prototypes that work exclusively with some of the Samsung’s latest flagship devices – the Galaxy S5 and Galaxy Note 3.

Samsung virtual reality headset is said to feature a “good or better” display than the 1080p OLED panel of Oculus Rift and will likely require a wired connection rather than wireless to ensure there’s no lag. The consumer version is said to “require the power of next-gen, unannounced Galaxy phones and tablets.”

The report also noted that the device will not feature Samsung’s in-house Tizen OS, unlike the Galaxy Gear smartwatches, and will be primarily used with Android games.

The details are still scarce on Samsung’s alleged headset, but sources claim that the company will try to undercut both Oculus Rift and Sony’s Project Morpheus on price in a rush to market.

However, there is no official word about the VR headset as of now, as the company said “Samsung doesn’t comment on rumor and speculation.”