Google, apparently, is set to introduce the much-awaited Android 5.0 Key Lime Pie software, known internally as the "K release", this fall. Google is said to be busy working on the final tweaks for the next major Android release and also has several other new products in the pipeline.

The other new products are rumored to be an Android-powered gaming console and a smartwatch.

Per a Wall Street Journal (WSJ) report "Google Inc. is developing a videogame console and wristwatch powered by its Android operating system, according to people familiar with the matter, as the Internet company seeks to spread the software beyond smartphones and tablets."

The publication also disclosed information on Google's impending "K release" which is slated to arrive this fall and is in the final stages.

"The company's hardware efforts come as it wraps up development on the next version of Android, which is expected to be released in the fall," notes the WSJ report.

What's more, WSJ's sources who are "familiar with the matter" also lets on that that the new update will be "better tailored to the lower-cost smartphones" as this would look to give a boost to Android's global market share.

Moreover, Google is also looking to use the Android platform in all kinds of devices.

"With the next release of Android this fall, Google is also moving more aggressively to use the software in additional kinds of devices, including laptops and appliances such as refrigerators," reads the.

Google is also eyeing the low-cost Android smartphone space and may get into developing handsets of its own reveals WSJ. However, at this juncture, the news should be taken with a pinch of salt as Google is yet to make any official announcement.