Pete Lau, OnePlus CEO, posted a tweet confirming the arrival of the OnePlus Watch early next year. With this, CEO confirmed that the OnePlus Watch will launch early next year. While the launch date has not explicitly been mentioned, we can expect the OnePlus Watch to become a thing in Q1, 2021. Check out the twitter below.

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OnePlus Watch will have a round dial which makes sense as OnePlus will not want its first smartwatch to be called an Apple Watch clone (seriously, not every square-faced watch is an Apple Watch clone). Though, that will eventually happen if and when OnePlus decides to make a square-faced watch.
However, there are reports that the smartwatch will run Wear OS but it has not been confirmed. Pete Lau did reveal that they are working with Google to improve Wear OS but said it is not a confirmation that the smartwatch will ship with the operating system.