The Apple rumor mill is heating up once again, just weeks before the release of the iPhone 7, but this time the news about the Apple Watch.

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However, instead of incremental software upgrades or new watch band designs, the latest rumor claims that Apple will release two new versions of the Apple Watch in the second half of this year.

According to AppleInsider, which referenced a Sunday night note from KGI analyst Ming-Chi Kuo, one version will include an improved processor, while the other version, referred to as the Apple Watch 2, will include a GPS radio and a barometer for "improved geolocation capabilities."

The report also claims that the Apple Watch 2 will have a higher capacity battery to support the additional features.

Apple Watch 2, will include a GPS radio and a barometer for "improved geolocation capabilities."

Owners of the current Apple Watch will also be relieved to know that the analyst report says that the exterior design of the Apple Watch will remain the same, which means current owners won't feel out fashion just because of the new upgrades.

On that note, the Kuo report also expects the smartwatch, which was aggressively promoted by Apple as a fashion accessory, to retain its general design into 2017 as well.

Although rumors leading up to an Apple event must always be taken as speculation, it should be noted that Kuo has a strong track record of obtaining reliable early information on Apple products.

The release of new Apple Watch hardware would fall in line with the scheduled release of its new software, watchOS 3.0, this fall.