Apple Inc. has a team of about 100 product designers working on a wristwatch-like device that may perform some of the tasks now handled by the iPhone and iPad, two people familiar with the company’s plan told Bloomberg News

Word is that the team has grown in the past year including managers, marketing as well as hardware and software engineers who worked on both the iPhone and iPad suggesting that this project is well beyond the talking and development stage.

Naturally, your first instinct is to laugh but there are a couple things that make me think it could work. We have the old Dick Tracy crowd who like to see products of the future come to life. Watches are big business. If you love a watch, your dream is to own a Rolex. Apple could cash in on that market that would spend that kind of money. Finally, I remember laughing at the iPad Mini. Until I used it.

Time will tell.

Rumors are also swirling about Apples possible acquisition of Pebble, described as an “E-Paper Watch” with a name as ugly as its design. The CEO of Pebble was recently asked if he had been approached about Apple buying them and he dodged the question which could have just been a smart marketing move.

Here is a video pitching the Pebble to Kickstarter.