We thought there was something a bit fishy about Nike confirming that it is laying off staff in its Fuelband division - according to a new report, there might be more to this story than either Apple or Nike are letting on.

Geektime says it's spoken to two sources in Cupertino with knowledge of what Apple is up to and they say that Apple and Nike are plotting a joint product for launch before the Christmas season.

That general era has been pegged to the iWatch before but the latest claim is that this won't be so much an iWatch as an iBand.

The sources claim that Apple will launch a smart band packed with sensors not only for monitoring user activity but also for operating other devices (such as iPhones and iPads) via gesture controls.

Band it about

The report says that Nike "will play a significant part" in whatever product Apple is putting the final touches to, which may explain why it doesn't sound too committed to any future Fuelbands right now.

It also plays well with another rumour that Nike is planning to open up its software to other wearable devices, including Apple's anticipated wearable.

If Apple does have an iBand planned, it could make sense for Cupertino and Nike to team up: Apple gets the benefit of Nike's existing fitness tech and expertise and Nike doesn't risk being eclipsed by Apple's wearable smartband.