Appel has never spoken of a smart ring or even hinted at the impending existence of one, but if the latest rumors are to be believed, the illusory product is now nothing more than a pipe dream as Apple may have canceled the whole project.

Despite years of rumors and an extensive body of patents regarding a smart Apple Ring, a new report claims the company has no plans to actually release one.

Apple has ceased development of a smart ring, opting to focus on the Apple Watch, as revealed by Bloomberg's Mark Gurman. The smart ring concept risked detracting from Apple Watch sales due to its discreet design but limited features.

There has been more talk than usual about smart rings this year. Samsung, a brand whose products always cause hype, launched its first device in the segment. Perhaps Apple fans are hoping for a similar product in the near future in response.