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There will be a model with a 1.6-inch screen and two different versions with 1.8-inch displays, says the report which was first spotted by GForGames (via 9to5Mac).
One of these 1.8-inch models will also feature a sapphire crystal display, the same material Apple is rumored to use for the iPhone 6's display.
Since sapphire crystal is expensive to manufacture in large quantities, it would presumably be much easier to create a 1.8-inch screen for the iWatch than a 4.7-inch screen for the iPhone 6. Sapphire crystal is already used for some luxury watch faces.
The report also notes that these iWatch variants are set to launch in the third quarter of 2014.
This isn't the first time we've heard that Apple plans to release different versions of the iWatch. Last month, The Wall Street Journal reported that the iWatch could come in three different sizes. From Economic Daily's report, it's unclear if the actual watch band will be available in different sizes or if it's just the screen that varies.
Economic Daily's report also conflicts with previous rumors we've heard about the iWatch's screen size. A report from Reuters previously suggested the iWatch would have a 2.5-inch rectangular screen.
We expect to learn more when Apple actually reveals its first wearable device, which is expected to happen in October or November.