A little over a year after rumors of a Microsoft-manufactured smartwatch first surfaced, a report released by Forbes claims the company's device will be compatible with not only its Windows Phone, but also Google's Android and Apple's iOS.

Microsoft's smartwatch will be able to sync up with iOS, Android and Windows Phone devices out of the box according to the report, citing people familiar with the matter.

The device will be packed with sensors, like optical components designed by the company's Xbox Kinect team to measure a user's heart rate at all times.

The appearance of the watch will be similar to Samsung's Gear Fit, and will feature a touchscreen display on the inside of the wrist for privacy and easy viewing, according to Forbes.

Wearable fitness trackers currently sold use everything from dot matrix to OLED displays, but most are placed on top of the wrist, similar to a traditional watch.

Rumors made their way to the internet regarding a Microsoft smartwatch back in 2013 when the company was supposedly testing 1.5-inch displays to be used for the device.

A number of divisions were reportedly working on the project, like Surface tablet and Xbox accessories teams, according to Forbes.

A rollout date has not been set for the device, though Microsoft may have a product ready for purchase as early as this summer, according to Forbes.

Microsoft rival Apple is also supposedly working on a wearable device of its own, called the iWatch. Evidence of the device has yet to turn up.

Rosenblatt Securities analyst Brian Blair recently said the Apple device would feature a round display, similar to the upcoming Moto 360 watch.

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