Android Police says they're codenamed "Angelfish" and "Swordfish," although there's no pictures or other concrete info to go on yet. The sportier Angelfish is supposedly 43.5mm in diameter, has LTE, GPS and heart rate tracking-- all the better for those new standalone Android Wear apps, plus three buttons on the right side including a crown .The smaller Swordfish model is described as resembling the Pebble Time Round and lacking some the niceties of the Angelfish model.
Special watch faces with quick-access functions to serve up Gmail messages, Hangouts contacts, time and more features are also said to be in in the works. As one would expect, they're built to work around the Google Assistant features we heard about during I/O, and may explain why the company is choosing to build wearables itself. It could be a few months before we see either one (if ever)-- the targeted release is only noted as some time after the latest Nexus phones are officially announced.