The colourful design - which will celebrate inclusion and equality - has been influenced by the rainbow flag, and it is set to become available next week.
According to 9to5Mac, the new face will be released on Monday (04.06.18), and it's expected that it will be made available following an announcement during the keynote on the opening day of Apple's Worldwide Developers Conference.
After strings found in the beta version of iOS 11.3 hinted at the Pride face, all assets were removed from both iOS and watchOS, but the report says this has changed with the release of iOS 11.4 and watchOS 4.3.1.
The new strings of code explain the new face is "inspired by the rainbow flag", adding that "the threads of colour move if you tap the display".
It's said that every time the user touches the display, the face will move in a different way.
The report notes that there is also a placeholder image, which it's expected will be displayed in the Watch app on iOS when the user is browsing for faces.