A statement provided by Qualcomm to XDA-Developers has confirmed that older smartwatches and wearables running Qualcomm chipsets can be upgraded to the new Wear OS 3.0.
Announced at Google I/O 2021 in collaboration with Samsung, the new Wear OS can theoretically run on any device with a Snapdragon 3100 or Snapdragon 4100 or 4100+ chipset.
However, smartwatch manufacturers will decide if they want to provide the update to existing products, or if users will have to buy a new device to enjoy the new Wear OS.