According to a Wall Street Journal report, Luxottica's CEO Massimo Vian told the company's general meeting in Milan that it is "now working on Google Glass version 2 which is in preparation".
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"The partnership with the US tech giant to build Glass is going ahead," Vian added.
Vian, however, did not give any details about specific timing for the launch of the next version of the product.
"In Google, there are some second thoughts on how to interpret version 3 (of the eyewear)," Vian told shareholders during the meeting.
"What you saw was version 1. We are now working on version 2 which is in preparation."
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A Google spokeswoman said that "the team is heads down building the future of the product," but declined to comment on specifics.
Google Glass was unveiled as a prototype in 2012. It was distributed to a select group of people as part of Explorer programme who paid $1,500 to be early adopters.
On January 19 this year, Google quietly suspended selling Google Glass to consumers while continuing to support Glass as an enterprise product.
Later, Google executive chairman Eric Schmidt announced that Glass has been put under the watch of Tony Fadell, head of Google's Nest connected home division, "to make it ready for users."