LG and Apple are not in a competition. The two tech giants are reportedly collaborating to create foldable OLED displays for upcoming iPhones.

Apart from Apple, the Seoul-based company will also collaborate with Microsoft and Google.

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ET News reported that "LG Display secured global manufacturers as its partners. Apple, Google, and Microsoft were listed as first buyers of LG Display's foldable displays. It is heard that LG Electronics joined a group of buyers of foldable displays." The company has reportedly developed a prototype of the panel.

This is not the first collaboration between LG and other tech companies. In October, LG and Samsung invested approximately $11.6 million into developing a flexible smartphone display.

Meanwhile, there are speculations that Apple could also get supplies of OLED panels from Applied Materials and Sharp to compete with Samsung, which currently produces 95 percent of all small to medium organic light emitting diode panels in the industry.

In an interview, the Senior Director of Global Communications for LG Electronics, Ken Hong, said that the company made OLED displays for Apple Watch. The company is also focused on using OLED panels for televisions instead of small devices because they believe that the profit in the said area is better. LG Electronics has established its name in the OLED market with its recently released foldable panel prototypes that are transparent, rollable, and flexible.

Meanwhile, there are rumors that iPhones will have OLED displays while The Wall Street Journal mentioned that the American manufacturer is developing a hi-resolution curved screen prototype for its future handsets. Other players including Google and Microsoft reportedly plan to launch smartphones with the same OLED technology. The flexible LG screen is expected to compete with Samsung's display.