Sunday's report said the wearable iOS companion isn't scheduled to be launched until late 2014, but Apple CEO Tim Cook may still decide to pull the plug if not convinced by the merits of the device.
An FT source claimed the hiring spree is to help with "hard engineering problems that they've not been able to solve."
The report boldly claimed that Apple's "aggressive" targeting of outside talent raised doubts over the ability of Apple's in-house engineers to get the job done.
Does Apple have what it takes?
Apple, which has already applied for the iWatch name trademark in several countries, now has "several dozen" people working on the project, according to the Financial Times.
Also, earlier in July, the company hired the former Yves Saint Laurent CEO Paul Devere to head up "special projects," which speculation has suggested may include the iWatch
The report claimed the device which would be Apple's first major new product line since the passing of Steve Jobs, is important to the company's financial future as it will help convince Wall Street the company still has what it takes in the innovation department.