Business Insider was also able to confirm the report through its own insider sources.
Details are limited, but what we do know based on reports is that the VR headset will work with Samsung's mobile devices and that it will be running Android OS and not Tizen.
Assuming that this is true, then Samsung's rumored headset will most definitely rely on Android games, although a major revamped has to be done in order for the games to work flawlessly on the VR headset.
Engadget speculates that the said headset will be wired into phones and tablets to eliminate lag which could break the VR experience.
Interestingly, Samsung is reportedly ramping up the production of the VR headset to undercut Sony's very own VR toy, Project Morpheus, and Oculus' popular Rift headset which is now owned by, of all companies, Facebook.
The South Korean technology giant, known for its aggressive strategies, has been previously rumored to be working on a Google Glass rival. The rumor was based on a patent application uncovered by the Wall Street Journal.
Engadget says that Samsung's VR headset will be a different breed. And yes, it's said to be cheaper too. Samsung declined to comment on the report.
So, will it be named Samsung Galaxy VR?