The rumor mill is churning ahead of Apple’s September 9 event, where it may debut its next generation iPhone alongside a new wearable.

We’ve outlined how we think the event might go down, but there is still much speculation about the details of the devices that will be unveiled. Rumor has it, according to Recode, that Apple may price its new wearable around $400. That’s expensive, considering competitors are offering similar wearable tech in the $200 range. The report says pricing isn’t set yet, but there will be a number of models and prices available.

The September 9 event is expected to be a hallmark Apple event comparable to the launch of Apple’s iPad. As Eddie Cue, Apple’s senior vice president of Internet software and services, said at the Code conference in May, the upcoming product pipeline is the best he’s seen in the past 25 years.

Apple has been working hard this year, filing patents for a weight-tracking device, as well as “iTime,” a wrist computer equipped with GPS and push notifications that can connect to a mobile device and respond to gestures. The Cupertino, Calif.-based company also revealed plans for two new platforms, HealthKit and HomeKit, at the World Wide Developers Conference.

But, as our reporter Devindra Hardawar pointed out, Apple is probably still in the process of finalizing the design for its wearable — just like its pricing. Besides, according to reports, the media-dubbed iWatch won’t be shipping anytime soon.

The September 9 event will be about making a bold official entry into a new product category — very much in Apple’s nature.