Looks like Santa(Google ) is gonna give us an early Christmas gift this year… If rumors are believed Google is set to release Chrome OS in the coming week..

The Chrome OS news comes courtesy of Techcrunch which cites that it was obtained from a reliable source. An early version of the OS was scheduled for launch this fall, as Google put it previously. The development was initially revealed in July this year.

Chrome OS is Google’s attempt to “rethink what operating systems should be.” It’s an open source, “lightweight” operating system to be initially targeted at netbooks.  The novel OS architecture is said to be simple and runs with ARM chips and x86. Designed around a Linux core, this OS is an extension of the Google Chrome browser and will hopefully be as bug-free, speedy and lightweight as promised.

The web becomes the platform for developers writing for Chrome, as web technology such as AJAX creates the entire user interface. Local storage can also be utilized through Google’s “Google Gears”, which is already in action on Gmail and Google Docs, allowing users to archive their online data.

Just how reliable Michael Arrington’s sources are will become known this week.