Apple's upcoming iWatch may come with premium pricing compared to other smartwatches, but a range of models should accommodate various budget options.

A smart wearable device from Apple has been rumored for what seems like ages, yet nothing has materialized so far. Nevertheless, the rumor mill keeps churning in anticipation and various reports are trying to paint a picture of what to expect.

While recent news claimed that Apple's upcoming gadget, unofficially dubbed the iWatch, may see the light of day as soon as next month, debuting alongside the next-generation iPhone 6 on Sept. 9, others believe it will not start shipping until next year.

At the same time, it also remains to be seen just how much Apple's smartwatch will cost when it does make it to the market. Apple products are typically not very cheap, and the iWatch is expected to make no exception. A report now claims to have some information in this regards.

According to Re/Code, Apple's upcoming smartwatch may come with a price tag of around $400, which would be significantly higher than the price point of existing smartwatches. On the other hand, Apple reportedly plans to launch different models of the gadget in order to accommodate different budget possibilities.

"Apple executives have discussed charging around $400 for the company's new wearable device," Re/Code reports. "Pricing has yet to be finalized for the forthcoming product, which is expected to begin shipping next year. Sources say consumers should expect a range of prices for different models including lower priced versions."

The publication further notes that it remains unclear at this point whether Apple will settle the price in time for its Sept. 9 press event, where it is expected to take the wraps off its new iPhone 6 and iWatch.

If Re/Code turns out to be accurate, that price point of around $400 would put Apple's wearable gadget at the top end of the category. Samsung's Gear 2 Silver smartwatch, for instance, costs roughly $300, while new gadgets running Google's latest Android Wear cost about $200 - $230. Timex does have an Ironman One GPS+ smartwatch in the pipeline and it will reportedly cost $400, but it will come with its own 3G connectivity, which means that it will be able to act as an independent device rather than just a companion.

The wearable device market has already picked up steam and is expected to gain even more momentum in 2014, with experts estimating that it will more than triple this year over last year.

Apple's wearable device plans remain unconfirmed at this point, but we should find out more soon enough if the company does indeed plan to unveil its wearable gadget on Sept. 9. We'll keep you up to date as soon as we learn more, but take all leaks, rumors, and reports with a grain of salt in the meantime.