The fact that Microsoft could be launching its wearable so soon is an indication that it doesn't want to allow its rivals that do have smartwatches, such as LG with its G Watch, to have the Christmas holiday season all to themselves.

It could even mean that Microsoft beats Apple to the punch, as it's expected we won't see the Apple Watch until early next year.

According to a source close to the project the smartwatch will be able to track a user's heart rate, and the battery will be able to last over two days of regular use.

Microsoft's smartwatch will also work across different mobile platforms. This could be a key differentiator, as its rivals that use the Android Wear software can only be used with Android devices, while Apple Watch will only work with iPhones.

Microsoft's smartwatch will enter an ever growing market. Here are the best smartwatches that you can buy right now.

The LG G Watch shows off the potential of having a watch that's wirelessly connected to your smartphone, letting you view Google Now notifications, texts and email alerts quickly and easily from your wrist.

If the square design and rubber strap isn't to your tastes you may want to hold out for its successor, the LG G Watch R, which will be launching soon with a more traditional round face. 

You can get your hands on an LG G Watch for around £150.

The Samsung Gear Live is an excellent smartwatch. Though its square design won't please everyone it packs in a lot of great tech including a heart rate monitor and a 1.63-inch Super AMOLED display. It costs around £170.

Sony's SmartWatch 2 might not run Android Wear, but it's flexible enough to work with any device that runs Android 4.0 or greater. As you'd expect from Sony the design and asthetics of the SmartWatch 2 are great, but it could be outshone by the Sony SmartWatch 3 in a few months. 

If you can't wait that long you can buy the SmartWatch 2 for around £120.

Currently the Moto 360 is the most traditional Android Wear smartwatch on the market thanks to its 1.65-inch circular display, stainless steel frame and premium leather band, all for around £200.

Not only does it look great but it also beams SMS, email alerts and other notifications to your wrist, while a wireless charger takes the hassle out of recharging the battery.

The Pebble Steel is currently the best smartphone you can buy. It looks great with a stainless steel frame and 1.26-inch LCD display, though the face is still square.

It displays texts, emails and notifications and is compatible with both Android and iPhones. Most importantly its battery life is excellent compared to its competition, lasting up to seven days between charges, and costs around £180.