The incoming next-generation Galaxy Watch will have twice the storage of older models. It's thought that the new devices - which should debut at next week's Galaxy Unpacked event - will up the storage ante from 4GB to 8GB.
The new watch will almost certainly be called the Galaxy Watch 2, although it's possible it will the Galaxy Watch Active 3 instead depending on whether it has a rotating bezel or not. We do know from previous leaks that the two models will be known as SM-R840/845 and SM-R850/855.
They'll also be 4G-enabled (which perhaps point to the Active variant) and we'd expect they will again come in 40mm and 44mm options. It's also been previously rumoured that they will have bigger batteries than their predecessors, with battery life really the biggest issue facing wider adoption of smartwatches.
SamMobile makes the goood point that, while we're still expecting this watch to follow the Galaxy Watch naming convention, Samsung is trying to shake up the branding of various models this year (S20 instead of S11, for example) and so it's possible it'll be called something completely different.