Apple is expected to host a media event sometime in March in which it'll unveil the successor to the first generation Apple Watch. Sources also claim that Apple may use the event to reveal its smaller iPhone, dubbed the iPhone 6c.

9to5Mac broke the story on Tuesday, citing sources familiar with knowledge of Apple's plans. If true, Apple would likely ship the Apple Watch 2 the following month, thus putting the wearable on a yearly release cycle similar to the iPhone.

The publication claims Apple has been working on technology for future Apple Watch models long before the first generation shipped this past April. Expected upgrades may include a FaceTime camera, additional health tracking capabilities, sleep tracking and increased independence from the iPhone.

The iPhone 6c, meanwhile, is expected to feature a smaller 4-inch display for consumers that insist the 4.7-inch and 5.5-inch iPhone 6s and iPhone 6s Plus, respectively, are simply too large. Rumors cropping up last week suggest the smaller iPhone will be powered by Apple's own A9 Soc from Samsung and TSMC, the same chip that powers the latest models.

It'll likely arrive at a cheaper price point to reflect the smaller screen and the fact (well, not a fact, but rumor) that it won't have 3D Touch capabilities. The iPhone 6c is also expected to use the 8-megapixel rear and 1.2-megapixel front-facing camera from the iPhone 5s versus the newer modules in the 6s.