The iWatch is also rumored to be waiting for the approval from the U.S. Food and Drug Administration before it enters mass production. Martin Hajek

Apple Inc.’s (NASDAQ:AAPL) upcoming smart watch, presumably called the “iWatch,” is likely to be released in the fall and could come loaded with features and multiple design options, according to a new report.

The iWatch, which is expected to be Apple’s answer to a range of wearable devices produced by rivals such as Google Inc. (NASDAQ:GOOGL) and Samsung Electronics Co. Ltd (KRX:005930) is also expected to be equipped with more than 10 sensors, including ones that will allow the device to monitor users’ fitness, the Wall Street Journal reported.

Apple recently introduced a new app called Health, which can gather data related to a user’s fitness levels and other vital signs. However, the company is yet to introduce a device of its own that can collect all these data on its own, leading many to speculate that a new wearable Apple device could be launched soon with multiple sensors on board.

According to the Journal, which cited a source, Apple could learn from widespread criticism of the functionalities of existing smart watches and ensure that the iWatch avoids these pitfalls in a way that will significantly differentiate the company's smart watch from those of its competitors, and also from existing smartphones.

The Journal was also reported that the iWatch would be available in multiple screen sizes and that Apple could ship nearly 15 million units of the smart watch by the end of this year.

Taiwan's Quanta Computer Inc. (TPE:2382) will begin mass production of the iWatch in July while the device’s commercial launch could take place in October, according to a Reuters report and the Journal.

According to Reuters, the iWatch’s screen could measure 2.5 inches diagonally and could be slightly rectangular in shape. The device is also said to sport a touch interface and wireless-charging capabilities.

Laoyaoba, a Chinese website, reported on Friday that the final version of the first-generation iWatch is awaiting approval from the U.S. Food and Drug Administration before it enters mass production ahead of a fall release.

According to the report, Apple is trying to get the iWatch certified as a piece of medical equipment that will include advanced sensors to track heart rate, blood pressure and the level of glucose in blood. The company is also rumored to be developing a special sensor for the iWatch that analyses a user's sweat and will work with the new Health app in iOS 8 to produce a range of health-related data.