LG plans to begin selling the G6 smartphone on March 10, while Samsung is likely to start selling the Galaxy S8 on April 21, the sources said.

Attention is focusing on whether LG could capitalize on Samsung's pain in reviving its smartphone business.

"Demand for premium smartphones at home and abroad has grown since the vacuum of the Galaxy Note 7," said a source. "If consumers' response to the G6 is positive, it could meet the demand ahead of the Galaxy S8."

Details of the G6 were not known, but LG has said the new smartphone will feature a 5.7-inch display and a wide-angle camera lens.

Industry sources said the G6 smartphone will also come with Google's voice assistant service.

With its new smartphones failing to appeal to consumers amid tougher competition with Chinese brands, LG's smartphone division has posted operating losses since the third quarter of 2015.

During the fourth quarter of last year, LG's smartphone business division reported an operating loss of 467 billion won ($410.7 million) on sales of 2.9 trillion won.

The smartphone business division's fourth-quarter sales last year slumped 21 percent on year. (Yonhap)