The publication cites industry sources to report that specs for the new product are being finalized. As per the reports device will sport a curved organic light-emitting diode (OLED) touchscreen and collect health-related data, including calorie consumption, sleep activity, blood glucose and blood oxygen levels. The watch will also allow users to receive notifications from their phone.

Nikkei also cites suppliers and add that Apple plans to sell about 3-5 million units every month. The publication further claimed that Apple will partner with Nike to integrate their services.

Nikkei has a good track record of predicting launch dates for Apple devices but it's not the first time these rumours are being heard. Earlier, China Times had reported that Apple has ordered the production of 3-4 million units of the iWatch for the second quarter, while it will increase the order to 14-15 million in the third quarter and that the device will hit the market in the second half of 2014.

During Apple Worldwide Developers Conference keynote, Apple had announced a new Health app that gives users a clear overview of their health and fitness data, all in one place. The Health app gathers information that users choose from their various health apps and fitness devices, and provides a clear, consolidated overview in one place. iOS 8 offers developers the ability to get health and fitness apps to communicate with each other. So, it is very likely that Apple may launch a health-centric device along with the new iPhone in the fall.