Little is known, but NYT, WSJ both report using anonymous sources.

Apple is experimenting internally with the development of a watch-like device with smartphone capabilities, according to separate reports from The New York Times and Wall Street Journal today.

Details beyond that fact remain murky. The NYT report indicates the watch may “operate on Apple’s iOS platform” and be built with a curved glass surface, leveraging “the company’s understanding of how such glass can curve around the human body.” WSJ reports Apple has already talked with manufacturing partner Hon Hai Precision Industry Co. (aka Foxconn) about the idea, and this initiative could be the centerpiece of Apple’s next large product group beyond smartphones and tablets.

Both pieces relied entirely on anonymous sourcing from Apple—”according to people briefed on the effort” for WSJ and “according to people familiar with the company’s explorations, who spoke on the condition that they not be named because they are not allowed to publicly discuss unreleased products” for NYT.

If all this pans out, Apple would be primed to break into the emerging wearable computing market. It’s an area focused mostly on fitness today, but Apple has shown public interest. The company partnered with Nike on devices like the FuelBand or those iPod-connecting shoes. Apple has also previously partnered with Corning Glass, using the company’s Gorilla Glass, so it’s not a reach to say finding a use for the stretchable, new Willow Glass could be on Cupertino’s agenda.

The lack of on-the-record info didn’t stop NYT from speculated on some logical future uses for such a device—mobile payments using Passbook, GPS functionality, Dick Tracy-like communications.