The VR headset is codenamed "Project Moonlight," according to The Verge, and is expected to be revealed at a Samsung product even in early September, possibly in tandem with Berlin's consumer electronics trade show IFA and/or the announcement of the Galaxy Note 4.
Samsung was rumored to be working with Oculus, the company behind the popular Oculus Rift virtual reality headset, on the company's own VR headset. It's not clear if Oculus is involved with this particular hardware, however.
Oculus recently began shipping out the second iteration of its Rift Development Kit, which features full positional tracking and a higher resolution display. While Samsung's VR headset will need a standalone Samsung smartphone to function, the Oculus Rift will feature an integrated display but will require a computer.
A potential partnership between Oculus and Samsung could be mutually beneficial. Oculus could gain access to upcoming high-resolution Samsung displays while Samsung could benefit from Oculus' software and hardware knowledge.
No release date has been announced yet for either Samsung's Project Moonlight or the consumer version of Oculus Rift.