When it comes to Apple (News - Alert), no matter what new device the company comes out with there is always the lingering question: what’s next? Apple Inc. has revolutionized the tech industry, and now that the iPad mini has hit the market, many are wondering what the innovative tech giant will come up with next.

The company can’t possibly keep altering the sizes of their existing products and be successful, can it?

Well if the rumors are true, Apple’s got another trick up its sleeve, and it’s called the iWatch.

An anonymous supply chain source in China has reportedly let it slip that Intel (News - Alert) and Apple are in development together for a new, technologically enhanced watch. The source even leaked some specifics on the product: it allegedly features a 1.5-inch LED display and is glass coated with indium tin oxide (ITO).

In short, according to these rumors, this isn’t your grandfather’s watch.

Okay, so the next logical question is could these rumors be true? Apple has a massive supply chain, and just one person has “leaked” this classified information. If it were true, wouldn’t there be multiple (unauthorized) confirmations of the iWatch?

Still, Apple is a company known for being protective of its ideas, products and copyrights, so there is the possibility that one source fell through Apple’s cast-iron cracks.

So whether it is a rare slip from Apple or a completely fabricated story, there’s no way to tell yet.

Additionally, Apple is known for working on multiple products that never make it to market, so the iWatch, if it is in the works, could end up being a pipe dream anyway.

It also could be that Intel is the company most involved with the iWatch, and Apple might have little do with the product at this point aside from interest. That would be a viable explanation for the complete lack of information on the device up to now.

The business also keeps much of its manufacturing in-house so as to have less chance for these types of leaks thus every rumor has to be taken with a large grain or even a whole shaker full of salt.

There has been no word from Intel on the matter yet, and Apple has not responded to the rumor, so it is all guesswork at this point. Yet, the implications of the iWatch are large and exciting.

Apple is always the company that brings fresh concepts to the market, and the iWatch could practically create a whole industry of its own—not that “smartwatches” are an Apple-only idea. Still, if Apple is onboard in any market, there are likely big things to come.

Now all there is left to do is wait for officially word from Tim Cook or other Apple officials, but due to the secrecy surrounding the product, it is unlikely the company will publicly comment or debut the iWatch anytime soon.