Although an Apple smart watch has been in the news for quite some time now, there has been a flood of rumors about the iWatch ever since Bruce Tognazzini wrote a piece detailing his ideas on the design and functionality of the device. The latest rumor is that Apple has a team of about 100 product designers working on the rumored smart watch.

"The team includes managers, members of the marketing group, and software and hardware engineers who previously worked on the iPhone and iPad," Bloomberg reports. Quoting two unnamed people familiar with the company's plans, the report said Apple has reportedly progressed beyond the experimentation phase in the development of the device. Bloomberg named two Apple engineers — James Foster, senior director of engineering, and Achim Pantfoerder, another manager — involved in the project.

The New York Times recently reported that Apple is working on a curved glass watch prototype running iOS. The report was immediately followed up by The Wall Street Journal, which relayed further details and said the wearable device is in its testing phase in Apple's Foxconn factory.

Founder of Apple's Human Interface Group Tognazzini said the iPhone-maker could bring about a number of advancements that may drastically reinvent the concept of smart watch. Writing in his blog "Ask Tog," he said the device will be a feature-rich wrist-wearable that may eliminate passwords on Apple devices, fix the embarrassing Apple maps and may help prevent losing your iPhone.

He said the major issue of removing the watch from the wrist for charging can be addressed via wireless charging, for which Apple already holds a patent. The curved glass technology will wipe out the chunky designs usually seen in smart watches. With Siri integration, Apple can avoid the buttons and menu trees on the watch, as one can set anything in the watch display by voice commands, he wrote. The iWatch could eliminate the need for typing in passwords on Apple devices and it can potentially serve as a fix for Apple Maps by utilizing crowd-sourced pressure data to create an altitude map of the world, Tognazzini wrote.

Earlier reports suggested the Cupertino tech giant is reportedly developing a smart watch using Intel chips and new low-power Bluetooth technology. Further speculation says the device would feature a 1.5-inch touchscreen and that Apple's voice assistant Siri would be used to control the phone.

Apple CEO Tim Cook is said to be facing huge pressure from shareholders as the company's stock slumped more than 30 percent since a September. Shareholders reportedly feel that only a revolutionary new gadget which commands a higher price can save the company from falling margins and increased competition.