Update: A report out June 18 lends yet more credence to the rumors we will see Instagram add video June 20.

According to multiple in-the-know sources speaking with AllThingsD, the one and only announcement Facebook has planned for Thursday is the Instagram video product.

Though details are few and far between, sources indicate Facebook doesn't want to be perceived as a Vine copycat, though there was no mention if Facebook has done anything to remedy that perception.

Vine, meanwhile, has said it plans to introduce "some exciting new parts" in the coming weeks, leaving us to wonder, whose clips will reign supreme?

Original article...

Get ready for an influx of olde time video clips as the latest speculation has Instagram launching video sharing at Facebook's event on June 20.

The word comes from TechCrunch's inside source, who says that the app will allow people to take and share short videos through the same app.

Before you get too excited (as we can tell you are), even TechCrunch admits that this could be a planned red herring on Instagram-owner Facebook's part, as it seems pretty set on keeping specific details of the event under wraps.

Heard it on the grapevine

Given that this is only a very tenuous maybe for the time being, the source didn't reveal any more details of possible video filters or whether it'll enforce a Vine-style time limit on video clips.

Thanks to the heightened secrecy from Zuck and co, no one's really sure what Facebook has up its sleeve for June 20. If it's not Instagram Video then the other big rumour is that it could be an RSS reader service to fill the gaping void that Google Reader is about to leave in our lives. Or maybe even both.

Other than that, we'll just have to wait and see - we'll be on hand to bring you the big Facebook news as it breaks on June 20, so stay tuned.