Menlo Park, California - Facebook may be releasing a smartwatch to compete with other big names like Apple, Samsung, and Fitbit, but the leaked design leaves every device currently available in the dust.

As reported by The Verge, Facebook is working on a revolutionary new concept for a smartwatch, with designs that could make Apple Watch wearers feel like they're lugging around an outdated relic.

The social media behemoth has yet to confirm that it will get this wearable to release, and unfortunately, the company has had mixed success with hardware in the past.

The release of the branded Portal home-hub didn't exactly soar, with estimates pegging its sales at just a fraction of a percent of the overall market.

Trying to compete with Apple resulted in Facebook purchasing Oculus and starting their journey into making products they would have more control over.

The acquisition of Oculus wasn't in vain, as Facebook's ventures into VR did prove they are able to build a decent device when they choose the right one to start with.

In fact, the specs on the rumored smartwatch are so outstanding that it seems like something you'd find on Inspector Gadget's arm.

The Verge's anonymous source said the new watch will be designed to replace the need for a smartphone.

They also said work is being done on accessories allowing people to store them in other places than on the wrist, such as on a bag. The idea of various attachments has a certain GoPro feeling (hopefully the watch is waterproof too).

With two high-res cameras, the watch would already be ahead of the market by miles, but that one of the cameras is removable with 1080p autofocus emphasizes Facebook's intent to match this device with its photo-loving Instagram user base.

The secret source also said the company wants this wearable to be absolutely independent of a tethered phone though an LTE connection, though it would be the handy base device for the company's reported augmented reality glasses.

Slated for release next year, the price point is still up for debate, particularly as new wearable releases from Apple, Samsung, and Fitbit will influence the market before the "FaceWatch" debuts.