We have been seeing leaks of the second generation Moto 360 for a while, including a brief leak in Motorola's own tweet, which showed off the design to some extent. Now it seems the watch will be available in two sizes.
According to the listings over at Anatel, Brazil's federal telecom regulator, there are two devices named 360S and 360L. The 360S model has a 270mAh battery, while the 360L model has a 375mAh battery. In comparison, the current Moto 360 has a 320mAh battery.
This does lead us to believe that these are indeed two different sizes of the watch. The current Moto 360, although not particularly large, was still quite large for those with smaller wrists. As such it makes sense for Motorola to introduce two sizes, the way Apple did with the Apple Watch.