South Korean tech giant Samsung Electronics is reportedly working on a new foldable device, dubbed the "Project Valley" or "Project V", according to rumors.

The Project Valley smartphone is expected to be capable of bending and folding and comes with new dual screen technology, rumors claim.

The smartphone is also expected to allow different gesture controls which enable users to switch between two screens.

The device is said to be in its first stages of development, so there aren't much details about the phone's design and features at this time. A report by Sam Mobile also suggests the project itself might not even last.

After filing a patent back in November 2013, the South Korean tech giant had made an announcement, at its investor forum event in New York, plans to release new foldable smartphones by next year.

During that event, Samsung also gave a glimpse of its flexible display technology by showcasing two prototypes, a 10 inch display screen for tablets, and a 5.5 inch display screen for smartphones.

The company's recently released patent also reveals a tablet device that's capable of folding up to three times. It still remains unclear how the tablet will completely work, when folded and unfolded. Flexible display technology can offer users new viewing experience while still maintaining quality.

Another South Korean tech giant that's also moving forward towards new display screen technologies is LG Electronics. LG had just finished working on a new transparent display technology, claims a recent report by Business Korea.

Transparent display technology enables users to view images displayed through a glass. Such technology is currently being used, in part, by airplanes and other industries.

Samsung had also recently unveiled its own transparent display technology, a 55 inch transparent OLED panel, last June 10 in Hong Kong.