The latest report for Apple Inc's higly-rumored smartwatch comes fro Reuters' sources, who claim that the device will enter production next month and will be released in October. The 'iWatch' will be made by Quanta, the report says. Quanta Computer has worked with Apple in the past on laptops and iPods.

The smartwatch will likely have a 2.5-inch touchscreen and is slightly rectangular, one of the sources said. It is also expected to have wireless charging capabilities. It will be able to perform some functions independently, but tasks like messaging and voice chat will require a paired smartphone, according to the report.

LG Display is the exclusive supplier of the screen for the gadget's initial batch of production. It also contains a sensor that monitors the user's pulse, with Singapore-based imaging and sensor maker Heptagon to be on the supplier list for the feature.

Apple may also planning to relese multiple versions of its smartwatch.

The latest report is aligned to earlier reports from the Wall Street Journal and Nikkei. The latter report claimed that the new device would have a curved OLED display and that it would be able to monitor sleep activity, calories consumed, blood glucose and oxygen levels and of course heart-rate.

Apple is expected to connect the iWatch with the Healthkit. Announced at the WWDC event, Healthkt is part of iOS 8 and is integrating apps with healthcare organizations' systems.