A wristband made for the iPod Nano. (Image Credit: Kubxlab)

Will you be able to wear an "iWatch" or a watch that is made by Apple and works with your iPhone by the end of this year? If you believe Bloomberg's latest report, the answer is yes.

According to the publication, Apple is working on a wristwatch, something that the New York Times and the Wall Street Journal reported earlier this year. According to Bloomberg's sources, Apple has a team of 100 product designers working on a "wristwatch-like device that may perform some of the tasks now handled by the iPhone and iPad."

Technology news site The Verge also corroborates that Apple has a team of 100 working under Jonathan Ive, Apple senior vice president of industrial design, on the watch.

Apple did not immediately respond to ABC News' request for comment about the watch reports.

Both publications have also learned that the watch will run a version of Apple's iOS, the software that runs on its iPhone and iPad. Like other smartwatches (i.e. the Pebble), the watch is said to allow users to see who is calling and view notifications. And like other fitness devices (i.e. the FitBit or Jawbone Up) it will have a pedometer and other sensors, allowing it to count steps and additional health data.

The Verge's sources claim that all this technology inside the watch is leading to battery-life issues, which Apple's engineers are working to solve. Apple is aiming to have the watch last four to five days without needing to be charged.

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But Apple might be even more motivated to fix those issues. Analysts believe that the watch could be more profitable for the company than its rumored TV product. "This can be a $6 billion opportunity for Apple, with plenty of opportunity for upside if they create something totally new like they did with the iPod - something consumers didn't even know they needed," Citigroup Inc. analyst Oliver Chen told Bloomberg.

Apple has also long been rumored to be planning an HDTV of its own. Apple CEO Tim Cook said earlier this year that the TV category was an area of "intense interest" for the company.

Certainly, Apple has also seen the consumer demand for wearable technology. Pebble, the smartwatch that works with the iPhone and Android, beat all the odds on Kickstarter, receiving more than 85,000 orders for the watch and more than $10 million from people who wanted to back the company. Many companies have also joined the fitness tracker market, including Nike, Motorola and Jawbone. Google has also been teasing its display-equipped glasses.

Speaking at Apple's annual shareholder meeting last week, Cook said "Obviously we're looking a new categories. We don't talk about them, but we're looking at them."