The largest social media company Facebook could soon be venturing in smartphone business with the help of former engineers of iPhone maker Apple, if current reports are to be believed.

Nick Bilton of the New York Times cited undisclosed sources who said the Facebook is hoping to release its own smartphone by next year.

Facebook already hired six "former Apple software and hardware engineers who worked on the iPhone, and one who worked on the iPad." The company is currently expanding the team working on the possible business venture and recruiting more people with previous experiences in building a device before.

In his report, Bilton said Facebook chief executive Mark Zuckerberg is hands on with the project as she met with one of the former engineers of Apple who was recruited and asked him with a lot of questions about the inner workings of a smartphone. Another former Apple engineer was cross examined by the CEO about the hardware of the device.

Last November, Facebook attempted to work with HTC to build a smartphone that will fully integrate the social networking site in its core with a code name "Buffy". It was followed by an unconfirmed rumor that HTC was working with the tech giant on developing a phone integrated with Facebook that was supposed to be launched on the third quarter of 2012.

Facebook neither confirmed nor denied all of the rumors and speculations. However, the assumption of developing a smartphone is strong due to the acquisitions and developments within the company. Facebook just rolled out its own Facebook Camera, not to mention its pending acquisition of Instagram. Moreover, it set up its Facebook Messages app, a Facebook app store, and it is reportedly interested in buying the Opera.

Despite the fact that Facebook hired Apple's ex-engineers, the Cupertino-based company is not Facebook's main nemesis. Social media giant may battle head on with Android maker Google, which recently closed its acquisition of the Motorola Mobility and will be working on its own smartphone run by Google's own Android software.