Qualcomm has uploaded coding that references to a SW5100 platform, which hints that a Snapdragon Wear 5100 chip is powering the next generation of Wear OS watches.
The SW5100 platform will be running on Android 11, which is in line with the Wear OS 3 updates expected in the new year.
The code also has mention of a LAW, which stands for Linux Android Wear, as seen elsewhere on the same page to describe Wear 2100 and 4100 chips.
According to XDA, the Snapdragon Wear 5100 chip is codenamed Monaco, and will use a quad-core design with ARM Cortex-A73 cores, and will launch with Android 11.
The Wear 4100 was only announced a year ago, meaning we might not see this latest iteration for quite some time.