Apple's much-rumored iWatch is reportedly in the "engineering verification test" (EVT) stage right now, but it may still not hit the market this year.

Rumors of a wearable device from Apple have been making rounds for a long time, with new leaks and reports piling up in anticipation. Wearable gadgets are increasingly gaining momentum and heavy players have joined the party already, but Apple has yet to join the fray. The company is expected to unveil its own wearable soon, unofficially dubbed the iWatch, but nothing is confirmed at this point.

Nevertheless, the rumor mill keeps churning and new details are popping up, trying to paint a picture of what to expect. The latest report now comes from Digitimes and claims that the iWatch has reached the EVT stage of development, but will likely not start shipping until next year. Components for the gadget are reportedly in production already, but a source close to the matter claimed that the smartwatch must also undergo production verification testing (PVT) before actually entering mass production.

Recent reports have claimed that Apple's purported iWatch will make a surprise appearance at the company's Sept. 9 event, debuting alongside the new-generation iPhone 6. Digitimes, however, believes that Apple is "unlikely" to take the wraps off its wearable device at the event.

It's also worth pointing out that Digitimes has a mixed track record when it comes to the accuracy of its leaks, and it is highly recommended to take its new report with a hefty grain of salt. Nothing is officially confirmed at this point, and it's rather tough to determine which reports are accurate and which are hit-and-miss.

Various reports have suggested various launch timeframes for the purported iWatch, ranging from Sept. 9 to October, December, or early 2015. It remains to be seen just when Apple will choose to unveil the gadget, and when it will actually hit commercial availability.

The iWatch should launch as a companion device for the new-generation iPhone 6 and should integrate nicely with Apple's HealthKit and other neat functions of iOS 8. The smartwatch is also expected to pack a slew of sensors to track health and fitness-related metrics. With nothing official for now, however, it all remains in the rumor state.