Apple is getting ready to put forth its own wearable technology, the iWatch. Could this be another declaration of war vs Samsung?

In a New York Times report, Apple observers are considering the iWatch as "the next world-beating gadget".

"Mr. Cook appears to be interested in the smartwatch's broader implications - for instance, that a watch might monitor heart rate and other vital measures, thus improving health and limiting doctor visits, according to these people. The watch is expected to be released in the fourth quarter, these people said," the New York Times report added.

The NYT also notes that while Cook is less-hands on in terms of the product development details, he is out on a mission to put Apple at the top of innovation.

The tech giant is also said to have enough sapphire glass to develop and release both the new iPhone 6 model and the iWatch within this year, says Matt Margolis for Seeking Alpha (via MacRumors). It's expected that the smartwatch will be unveiled in October and will be launched in late October.

In terms of the specifications of the supposed iWatch, KnowYourMobile.com reports the following iWatch details: The glass of the watch will be plastic OLED with a similar LG G Flex handset and display that will measure 1.52-inches.

Rumored partners for this device include a Nike-Apple collaboration as well as Intel that will use a technology that allows the smartwatch to connect with other Apple devices.

Additionally, according to KoreaHerald's source, "LG Display has been in talks over flexible organic light-emitting diode panels for quite a while and it looks like it will be sealing the deal with Apple."

It's going to be a big year for Apple as a lot of buzz is putting the focus back on the highly-criticized technology company. Many users have been looking for innovation that will combat the line of new products competitors are dishing out.