Google may be trying its hand in gaming consoles after the first Android-based video game console Ouya was launched earlier this week. Google plans to stay ahead of its competitors by being the first to develop its very own gaming console along with a wristwatch that will be using the Android operating system.

Google is reportedly in the midst of developing its very own Android-based videogame console and a wristwatch to expand its boundaries beyond smartphones and tablets. The web giant may use a new version of Android-based Nexus Q media playing device for its gaming console, Wall Street Journal reports citing "people familiar with the matter." The report says that Google is hoping to stay ahead of its long-term competitor Apple, which might have plans of releasing similar devices in the near future.

The anonymous source told WSJ that Google plans to take full responsibility for designing and marketing its upcoming products and release at least one of them by fall this year.

Google's Android operating system has been declared the world's most popular mobile operating system, and the company has shipped more than half a billion devices last year, according to the research firm Gartner. Android has gained immense success since its launch in 2008 and is a common platform for most smartphones other than Apple and Windows. According to IDC, 75 percent of all smartphones and 57 percent tablets shipped globally in the first quarter were powered by Google's Android operating system.

So far, the gaming console business has been led by three major brands, Microsoft, Nintendo and Sony. Kickstarter project Ouya that was launched online and in stores earlier this week, is a budget Android-based gaming console with a price tag of $99 with nearly 200 games priced as low as $2 to $3.

Nintendo's Wii was a successful launch, but its successor Wii U launched in November last year did not see a similar success. In the meantime, Microsoft and Sony have been making the news for their much-talked-about Xbox One and PlayStation 4, due to be launched later this year. But will Google be able to win the crown of leading the gaming console business after its undeniable success in smartphones and tablet?