For the last few months, Apple has hinted at the fact that it is working on the development of a new wearable device, which has been dubbed the iWatch in the technology world. While the tech company has announced that it will be releasing the newest generation of the iPhone sometime this fall - likely in September or October - new reports out indicate that the iWatch is scheduled to be released to the public around the same time.

What has prompted the latest round of speculation was some of the new upgrades that were made available in the latest mobile operating system from Apple, iOS 8. The new features include HealthKit, Apple's fitness and health management app. When the iWatch is released, it is expected that it will take full advantage of these features, allowing users to track their workout routines and progress wherever they go.

"People familiar with Apple's plans tell Code/red the company hopes to schedule a special event that month to show off the device, which is designed to make good use of the HealthKit health and fitness information-gathering app it recently showed off at WWDC. Could things change between now and fall? That's certainly possible. But right now October is the target date," wrote Re/code's chief tech writer John Paczkowski.

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