According to The Verge, the two new watches will carry the brand of the company that's building them, in a partnership similar to the (now defunct) Google Nexus program. Jeff Chang said that this is a company that's made Android Wear smartwatches before, but he didn't provide specific details.
Looking at the list of current Android Wear vendors, the maker of the two upcoming watches could be any of the following companies: Asus, Huawei, LG, Motorola, Sony, Fossil, and even Tag Heuer (though we wouldn't bet on this last option). Although Samsung also released a couple of Android Wear watches (Galaxy Gear and Gear Live), the company's recent wearables are all based on Tizen, and we don't expect it to be involved here.
After Google releases these two mysterious smartwatches, Android Wear 2.0 updates will be rolled out to most of the current Android Wear watches. AW 2.0 will bring support for Google Assistant and Android Pay (availability depending on device), while also - finally - making watches work with iOS.
Besides Google's two Android Wear 2.0 products, other partners will announce smartwatches based on the new version of the platform. More official details should be unveiled at CES 2017 (January 5 - January 8).
P.S.: What you're seeing above is a generic Android Wear image that's not related to the two upcoming Google smartwatches.
source: The Verge