REPORT: The iWatch Might Cost $400

Apple's various executives have discussed a $400 price point for its wearable device, possibly called "iWatch" or "iBand," according to Dawn Chmielewski and John Paczkowski of Re/code.

Just one day prior to this report, Paczkowski said Apple's wearable would debut at the company's Sept. 9 event but wouldn't arrive until early 2015.

The new report says Apple hasn't finalized the starting price for its wrist device, and may or may not announce that particular portion at its Sept. 9 event. Still, sources close to the company told Re/code "consumers should expect a range of prices for different models including lower priced versions."

A $400 price point would certainly fall into the high-end range for current wearable devices. Fitness wristbands tend to be a bit cheaper, such as the Nike+ FuelBand SE ($99) and Jawbone's Up24 ($149), while the first Android Wear devices from Samsung and LG cost $200 apiece.

That said, Apple wouldn't be alone in the high-end wearable market. Timex has its own Ironman One GPS+ watch, which looks pretty impressive and doesn't need to be tethered to a phone - that will retail at $399 around November.

Apple's wearable device is expected to marry the looks of a luxury wristwatch with the powerful sensors found in modern fitness wristbands, taking elements from the iPhone and iPad operating system and shrinking them down and reconfiguring them for the wrist. With iOS 8 coming this fall, the iWatch is expected to work with the company's Health and Home platforms to track one's fitness levels and control elements of your home, respectively.

Considering Apple's next iPhone may introduce a mobile payments platform, it's possible the iWatch could work in tandem with that device to pay for goods with one's wrist.