Apple is definitely going into smartwatches and it plans to name its device, iTime.

Industry sources said iTime is expected to be launched this October. 

The approved patent for iTime with the U.S. Patent and Trademark Office shows a wrist-worn smartwatch gadget with a touchscreen and the ability to communicate with a smartphone.

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The watch device is labeled "iTime" in some portions of the patent but Apple isn't claiming that name as a trademark with the USPTO. At least, not yet.

The device will be Apple CEO Tim Cook's first new product launch since taking over from the late Steve Jobs in 2011.

Apple said in its patent application that its iTime will interact with computers, tablets and smartphones. It will allow users to check texts and e-mail without having to resort to their smartphones.

The patent describes "an electronic wristband to be worn on a wrist of a user" that has a receptacle for a "mobile electronic device."

That mobile device is a small display module that can be clipped to the wristband when needed. The display module functions when not clipped to the wristband.

Once connected, both the wristband and mobile device form a smartwatch that can communicate with another digital device such as a smartphone, tablet PC or desktop computer.

The wristband might also include "haptic sensors" that allow for control with gestures "with one's arm or wrist" similar to that used in tablets.

Apple's patent application explained the use of haptic technology: "For example, the gesture might be a horizontal movement for one user input option (e.g., decline incoming call), and might be a vertical movement for another user input option (e.g., accept incoming call).

"For example, the gesture might be a single shake (or bounce, tap, etc.) of the user's wrist for one user input option (e.g., accept incoming call), and might be a pair of shakes (or bounces, taps, etc.) for another user input option (e.g., decline incoming call."

Apple hasn't publically acknowledged it's developing iTime but a number of leaks from the company indicate one is definitely under development.

Apple submitted its patent application for an electronic wristwatch in July 2011. The application received U.S. Patent 8,787,006. It was only made public this Tuesday, however.