Apple is considering setting the price for its much anticipated iWatch at $400, Re/code reports. Apple sources told the website that there are likely to be a “range of prices,” with less fancy models coming in at under $400.

Not much else is known about the iWatch as of yet, but its introduction will mark Apple’s first entry into a new device category since the iPad’s introduction in 2010, Re/code reports. The iWatch is expected to start shipping sometime next year.

Apple has announced a press conference for September 9 where it is likely to introduce the next iPhone, and possibly reveal the wearable device. The Re/code report was unable to confirm if the price would be set in time for the press conference.

Apple CEO Tim Cook acknowledged the challenges and promise of the wearable device market at the D: All Things Digital Conference last year.

“There are lots of gadgets in this space right now, but there’s nothing great out there,” Cook told allthingsd.com. “But none of them are going to convince a kid that hasn’t worn glasses or a band to wear one. … There are a lot of problems to solve in this space. … It’s ripe for exploration. I think there will be tons of companies playing in this space.”

The $400 price tag would put the iWatch at the higher end of the wearables device market. Samsung’s Gear 2 Silver smartwatch costs about $300 and Google-powered devices currently go for approximately $200.