A smartphone user shows the Facebook application on his phone in the central Bosnian town of Zenica, in this photo illustration, May 2, 2013. Reuters/Dado Ruvic

Facebook Inc. is developing its own video-chat app, which is being called Slingshot internally, the Financial Times reported Sunday. The reported development follows Facebook's failed attempt to acquire mobile messaging startup Snapchat,

Facebook chief Mark Zuckerberg has been overseeing the "top-secret" project ever since the social-network giant was unable to win over Snapchat's creators, Evan Spiegel and Bobby Murphy, with its $3 billion takeover offer in late 2013, the FT reported.

Facebook has been working for several months on the planned video-chat app, which would allow users to send short video messages using a touch-screen, according to FT, citing individuals familiar with the plans.

According to the Financial Times, a source mentioned that Slingshot could be launched this month. But Facebook might end up deciding not to go ahead with the launch of the app, the newspaper noted.

Snapchat allows users, many of whom are teenagers, to send smartphone photos that automatically vanish after several seconds, Reuters noted.