LG will start rolling out an update this week to enable Dolby Vision gaming support at 4K 120Hz on 2021 OLED TVs. The update will come later to 2020 OLED and possibly more models.
Update 29.6.2021: LG today confirmed that additional models "such as OLED Z1 series, QNED Mini LED QNED99 series and NanoCell NANO99 series TVs will also receive the update in July. Additional 2021 and 2020 TV models are also being tested for Dolby Vision gaming in either 60Hz or 120Hz."
Dolby Vision gaming update
As promised, LG is bringing enhanced Dolby Vision gaming support to its OLED TVs in preparation for the launch of Dolby Vision games on Xbox.

LG Korea has informed FlatpanelsHD that starting tomorrow, June 23, it will start a gradual rollout of firmware version 3.15.27 for the C1 and G1 2021 OLED models. The update will enable the TVs to receive and process Dolby Vision signals at up to 4K 120Hz. 

The firmware will also include new color options (purple, orange, green) for the Game Optimizer menu, a new Game Dashboard menu at the bottom of the screen, webOS 6.0 performance optimizations, and new Gallery features. In addition, C1 and G1 owners will no longer have to manually switch between having AMD FreeSync and Dolby Vision enabled. Following the update, you can have both enabled at the same time.

The company added that it will soon, hopefully within a month, make similar firmware available in beta for some of the other 2021 models. A full list of models was not provided. Customers can contact their local LG office if they want the beta firmware before the public release.


 Owners of LG 2021 and 2020 OLED TVs will soon get a full screen of green checkmarks

Coming later to 2020 OLED TV
LG Korea confirmed that support for Dolby Vision at 4K 120Hz is also coming to the CX and GX OLED models as well as some other 2020 models. This firmware is currently in testing.

- "The Dolby Vision firmware update is coming to multiple 2020 models, starting with the CX and GX," an LG representative said in statement to FlatpanelsHD.

The update for 2020 models will not include the other features (Game Optimizer, Game Dashboard).

The company said that it expects to have beta firmware available for 2020 models before Dolby Vision games are made available on Xbox. Microsoft has not announced a launch date for Dolby Vision gaming.

Lastly, LG said that it is "looking into" the possibility of supporting Dolby Vision at 4K 120Hz on 2019 models such as C9.

What about other TV brands like Sony and Panasonic? Read their public statements here.

LG TVs with confirmed Dolby Vision 4K120 support
 FlatpanelsHD