The announcement ends a week of anticipation following PalmSource's announcement last week that it had signed a so-called tier-one electronics vendor.
"The flexible, open and powerful nature of Palm OS is an ideal match for our industry leading mobile handsets," Skott Ahn, executive vice president of LG Electronics, said in a statement. "We believe our customers will appreciate the new Palm Powered phones we will develop and distribute."
The announcement provided no information about when Palm-based LG devices would appear or which of Palm OS platform LG would use. Currently, PalmSource offers the older "Garnet" platform, which is used by the popular palmOne Treo smartphone, and the advanced "Cobalt" platform, which has not yet been picked up by a major handset manufacturer.
In addition, PalmSource has said it is devoted the lion's share of its development resources to port its platform to Linux. The first Linux version of the Palm OS is expected next summer.
While LG's worldwide handset market share has been growing, it has yet to score a significant success with a smartphone.