It allows you to read text messages, has fitness tracking and biometric sensors, and, yes, it tells time too. It's not just your run of-the-mill timepiece, that's for sure. Fans of Apple may want to trade in their old reliable wristwatches for the Apple iWatch, which is set to be released sometime this year.

The Cupertino-based company has been very quiet about its latest gadget, and so far, there have been no iWatch image leaks on the Internet. Every photo of the gadget online is an iWatch render. However, rumors have been flying around about the possibility of not just one, but three versions of the iWatch.

It has been reported that one version of the gadget will end up with a 1.6 inch display. The second version will have a slightly bigger screen at 1.8 inches, and the third will be much larger at 2.5 inches measured diagonally. The 2.5-inch version has many fans intrigued, as other companies have attempted to make their own smartwatches as large as they could without making it impossible to wear on one's wrist.

For instance, the Samsung Gear Live is at 1.63 inches, and the LG G Watch is ever so slightly larger at 1.65 inches. One can only presume it will take some Apple "magic" to be able to craft a device with a 2.5 inch screen that will still look elegant and sleek on the wearer's wrist. There's also a possibility that the iWatch may compete directly with the stylish Moto 360 smartwatch that features a circular watch face.

Rumors of an October launch have been reported as mass production of the iWatch begins this month. Some have speculated a 2015 release, but those in the know are claiming that Apple will hold back on the supply and do a limited release this October or November.