According The Verge, the firm filed a patent for an Oled powered device that will be able to bend in two places and will be able to be used as a "modern computing device".
They are reportedly set to unleash their own rival to the Samsung Galaxy Fold and Huawei Mate X smartphones.
Google's Pixel 3 phones are outsourced by Foxconn, and even its predecessors were manufactured by HTC and LG.
The latter firm recently insisted recently they won't be developing a foldable phone anytime soon.
The president of the South Korean firm, Kwon Bong-seok, confirmed they will not be entering the market headed by Samsung and Huawei as they are not ready to have their own go until they can fully gauge the "consumers' reaction" to such devices.
Speaking to the Korea Times, Bong-seok said: "The market demand for smartphones is expected to be at around 1 million but LG's main issue in smartphone business is to regain its market position.
"Considering this situation, it is too early for LG to launch a foldable smartphone.
"In terms of technology, we are fully ready to respond depending on consumers' reactions (to foldable smartphones)."
LG is instead focusing on the launch of its first 5G smartphone, the V50 ThinQ, with more news coming on February 24.