Innovative program from the London School of Business and Finance offers an MBA through social media platform Facebook. REUTERS

Facebook's very own web-based email has been a slithery sensation in the back of Google's mind ever since rumors about the 'Project Titan' started doing the rounds. Now it looks like the chimera is closer in the backyard and the sound of dead leaves and twigs getting crushed under its feet is more audible than ever.

UK's Telegraph reported on Friday Facebook could unveil its web-based email service, directly aimed at breaking Gmail's hegemony, as early as coming Monday.

According to the report, tech circles are abuzz with talk that Facebook will hold an event on Monday to officially announce the Project Titan, its own email service.

TechCrunch, which had reported in February Facebook's plans for the Gmail killer, said on Friday that the possible launch of Facebook's very own email service is not a big surprise. It says the invites for the Monday event sent out by Facebook has hinted strongly that the news would have something to do with its Inbox.

This has sparked speculation that the event could be related to Titan, TechCrunch says. Our understanding is that this is more than just a UI refresh for Facebook’s existing messaging service with POP access tacked on. Rather, Facebook is building a full-fledged webmail client, and while it may only be in early stages come its launch Monday, there’s a huge amount of potential here.

Tech site Mashable has reasoned that such a move by Facebook is expected as the social networking giant needs a more robust messaging system which functions more like a web-based mail if it wants to take on Gmail.

According to the site Facebook’s messaging system is “difficult to manage; users are unable to send messages outside of Facebook; and the system can't handle simple things like attachments and forwarding.