Chinese news outlet The Economic Daily Times has said that Taiwanese-based Quanta Computing, the manufacturer of MacBooks and the Apple Watch, has ramped up production of the third-generation smartwatch in preparation for launch later this year.
It should therefore mean Apple's new Watch will be unveiled alongside the new iPhone trio: iPhone 7S, 7S Plus and iPhone 8, at Apple's event in September. Of course, there is always the possibility Apple will hold a separate event solely for the Watch Series 3.
The Apple Watch Series 3 is strongly rumoured to introduce LTE connectivity, meaning it won't need to rely on an iPhone for a data connection. It would however mean it will need its own data plan, but it's too early to speculate how much that might cost.
With regards to other specs and features for the Apple Watch Series 3, not a lot has been said. We expect it will feature built-in GPS and a waterproof body since they were introduced on the Series 2, and will also likely come with a new processor chip.
Design-wise, we're not expecting too much of a change from the current square face in 38mm and 42mm sizes, with interchangeable straps.
Apple hasn't confirmed a date for its hardware event yet, but all eyes are currently on the middle of September. Watch this space.