Nike is allegedly planning to launch a new smartwatch next year.

The sports company will release a successor to the Nike+SportsWatch and Fuelband SE devices in the first six months of 2014, Digital Spy reveals citing Digitimes.

The publication claims to have heard from supply chain sources that the device is currently undergoing testing at Flextronics.

It is unclear whether the wearable product will be a follow-up to one of Nike's existing watches, or an original smartwatch.

Nike rival Adidas recently launched its debut smartwatch in the shape of the miCoach Smart Run, a device that supports iOS, Android and Windows Phone 8 hardware.

The firm last launched an update to its Nike+SportsWatch in 2011.