The Moto 360 watch may be as stylish as it is affordable, according to Motorola's own words that peg the wearable at just $250 (about £148, AU$271).

This cheaper-than-expected price can be found within the official rules of a Motorola contest that asks anxious Android Wear fans to design a Moto 360 watch face.

One grand prize winner will receive the Moto 360 for free, notes the the legal documents that claim it has an "average retail price" of $249.

But really, we're all winners already because this dapper-looking smartwatch won't cost nearly as much as some have estimated.

Moto 360 cheaper than prior estimates

Moto 360 has previously been rumored to cost as much as $340 (about £200, AU$365), which is a price estimate converted from a French source that cited a €249 price tag.

That's awful steep for a tethered device that can't make phone calls on its own, especially when compared to the similarly fashionable Pebble Steel costs $229 (about £136, AUS$244).

The Moto 360 would naturally cost a little bit more thanks to nifty features like a circular watch face and newly confirmed wireless charging via magnetic induction.

Expect to hear more about the Moto 360 and rival LG G Watch next month, as Motorola's watch face design contest ends and Google IO 2014 begins.