Apple is moving full speed ahead with its iWatch as reports indicate that the alleged wearable device is going to be tapping the expertise of watch brands, Swatch and Timex.

VentureBeat reveals that: "Apple has been working with at least one partner, Swatch, to release a line of smartwatches in variety of branded styles and price points," claimed an insider knowledgeable of the development.

VentureBeat's source added that the smartwatch design will go "from geek to chic" as it will come in a variety of looks that will cater to people's preferences.

This is the most recent speculation on the iWatch and runs contrary to some of the existing rumors already circulating about the device. Many earlier insider information indicate that the watch is being developed in-house with Apple amassing an expert team to handle all aspects from development to sales.

With regards to working with Timex, VentureBeats' sources say they aren't shocked if Apple has also tapped Timex because of its Ironman brand of fitness watches. The series is seen as a line that may be very "compatible with a fitness watch that contains multiple biometric sensors in the band, which Apple appears to be developing."

If previous reports are true that Apple is developing the watch in house, they would be well equipped given that they've managed to coax a number of industry experts from Swatch and Nike, to name a few.

The iWatch, which hasn't been officially confirmed by Apple, is expected to be released within the year. The device is widely expected to come in at least two sizes with a display ranging from 1.8-inches to 2.5-inches and will be sporting multiple sensors for practical health monitoring features. It should be able to connect to other Apple devices, especially the iPhone giving users ease-of-use across the different devices.

MacRumors notes that with the possibility of multiple sizes, there may be a variation in terms of price that will depend on the design, materials and the like. 

Aside from the iWatch, another highly-anticipated release for this year is the iPhone 6. Similar to the wearable device, it's said to be released in two sizes, a 4.7-inch and 5.5-inch, marking Apple's first move towards phablets. It is said to be preparing for a September announcement and will have a slimmer frame along with enhanced graphics and display that will run on an A8 chipset with an iOS 8 platform.