(Pocket-lint) - There have already been a couple of strong rumours that Apple is working on a smart watch, affectionately dubbed the iWatch by the press, but now Bloomberg claims the project is in full swing.

The news site reports that two people familiar with the company's plans have said Apple has a team of 100 working on the wearable computing device, which they say will perform some of the tasks currently handled by the iPhone and iPad.

Earlier rumours claimed that the new smart watch would feature a 1.5-inch OLED  curved glass display and operate on iOS. It will, if such things are to be believed, feature Bluetooth connectivity to sync directly with an iPhone, have an Intel processor and be announced this year.

The Bloomberg report goes further and names some of those said to be attached to the iWatch project. It says Apple's senior director of engineering, James Foster, and another senior executive, Achim Pantfoerder, are both working on the smart watch.

No other details have been mentioned, but analyst Josh Spencer, fund manager at T. Rowe Price Group Inc, perhaps sums up public feeling on the prospective device. "There’s more people who would wear an Apple watch than would wear Google glasses," he said.

Pic: iWatch concept by ADR Studio

Writing by Rik Henderson.