Consumer electronics giant LG is preparing to unveil its first webOS-based smart TV as soon as next week, according to industry sources.

Citing anonymous industry sources, the Wall Street Journal (WSJ) reported that LG will take wraps off its webOS-powered TV at the 2014 Consumer Electronics Show (CES), which will take place from 7th of January through 10th of January in Las Vegas.

LG CTO Skott Ahn once said in a statement, "The open and transparent webOS technology offers a compelling user experience that, when combined with our own technology, will pave the way for future innovations using the latest Web technologies."

LG acquired the rights to the webOS operating system in February this year from computer giant HP. The webOS technology was acquired by HP as part of its Palm acquisition for $1.2 billion in 2010, but the computer firm failed to find a good use for the technology.

The webOS was originally developed for smartphones and fondleslabs, but webOS-based devices failed to receive a warm reception from consumers. It also failed to appeal to app developers. HP's webOS-based TouchPad tablet PC could not prove its worth, forced the then-chief executive Leo Apotheker to discontinue the entire product line.

HP's plans to ship webOS technology as a UI for every HP-branded computer and printer also failed to came to fruition, partly due to the wide popularity of rival platforms like Android.