The technology world is abuzz with rumors surrounding Apple's next big product, the iWatch. However, despite previous reports, the iWatch may not debut at Apple's big product event on Sept. 9 after all.

Not only does the freshest batch of iWatch rumors suggest it will be delayed, but they also suggest the device will be a pricey $400.

The wearable is reportedly in the engineering verification testing (EVT) phase rather than the production phase. If this is true, the iWatch will likely be released sometime in 2015.

This new report fits with other reports from KGI Securities analyst Ming Chi Kuo, who also says the iWatch will not be released this year because of production issues.

The iWatch will be Apple's first wearable and supposedly let users track a number of health and fitness parameters and tied to Apple's new HealthKit platform.

While Ming Chi Kuo has said the iWatch would not ship in 2014, he did not say that the device would be completely left out of the upcoming media event, which is what the current batch of rumors claim. Yet other rumors say the device will actually be announced on Sept. 9 alongside the new iPhone 6.

A likely scenario is Apple will announce the iWatch at the press event but will not start shipping it to customers until all the production issues are sorted out in 2015. Despite this, the fact that Apple has the opportunity to change the design of the device between EVT and product validation testing (PVT) may be enough for the company to hold off on the unveiling.

Whenever the device is released, price will be an important factor for Apple to consider. A price tag of $400 is nearly the cost of an iPhone and while it may be affordable to some, it will be too expensive for most.

Apple typically has a very good sense of how valuable its products are to customers and how much it can charge but given such wearables now hover between $50 and $150 from other players, the rumored price could be a bit too steep.