The new version is expected to bring a variety of improvements, most notably a boost to the speed. LG claims boot time has been reduced by up to 60 per cent while the time it takes to switch between apps, between the home screen and YouTube, for example, has been reduced by up to 70 per cent.
MORE: Hands on: LG webOS 2014 TV review
A new "My Channels" feature will allow users to group together favourite TV and set-top box channels on the Launcher Bar for quicker access and ultimately, a smoother experience.
"Quick Settings" will let users adjust TV screen settings while still watching the current programme and "Input Picker" will instantly recognise connected devices for immediate use.
LG has also said it is strengthening connections with Netflix and Amazon to bring its customers a greater selection of 4K content. Netflix currently offers House of Cards, Breaking Bad and its new series Marco Polo in 4K Ultra HD resolution.
Amazon Prime Instant Video meanwhile gives access to a range of 4K movies including After Earth, Elysium, The Amazing Spider Man 2 and The Da Vinci Code.
MORE: Amazon adds 4K content to Prime Instant Video
In-kyu Lee, senior vice president and head of the TV and monitor division at the LG, said of the new operating system: “With the newest features introduced in webOS 2.0, the overall user experience has become even simpler, easier and more intuitive.
“The webOS platform is a great example of our commitment to taking a leadership role in the next generation TV market with a truly innovative Smart TV solution.”
LG will be displaying the new webOS 2.0 OS at CES 2015 along with its new range of TVs, which will include a range of Quantum Dot TVs.
MORE: CES 2015 preview