Need a watch that’ll really set you apart from the crowd? A new gadget will do exactly that, bringing together Android and a tiny computer, making what is essentially a wrist-based companion for your mobile phone.

Designed in Italy, the “i’m watch” is a tiny square computer in a wrist watch with the ability to wirelessly connect to your phone and alert you to new messages, phone calls, and even play music.

Set to be shown at CES in January, the i’m watch features 4GB of internal storage, a 1.54 inch touchscreen, Bluetooth 2.1, and a 450mAh battery. We’re not exactly sure if those specs will make a great watch, especially if it’s going to allow you to talk at it like a Dick Tracy phone, but we’ll just have to see.

In any case, It’s not cheap – not by a long shot – with a starting price at 249 Euros or $330 Australian dollars for a model with a silicon band or 499 Euros ($662 AUD) for a titanium band. Yowzer.

It’s not the first time that we’ve seen a watch phone get touted, with local companies as well as LG trying to bring one to market for a long time.

From what we can tell, the i’m watch isn’t quite the same device, requiring a phone to work in tandem with the phone itself. We’re not quite sure how many people would use this instead of taking their phone out of their pockets or handbags, but if you’re keen to try out a more gadget-based wristwatch, it might be time to try grabbing an iPod Nano and one of those cool wrist straps.