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Facebook is planning to change its name next week to reflect its emphasis on building the metaverse, The Verge reported on Tuesday, citing a source with direct knowledge of the matter.

The report said Facebook Chief Executive Officer Mark Zuckerberg intends to talk about the rebranding at the company's annual Connect conference, slated for October 28, but the name could be revealed sooner, according to DW.

Facebook told news agency Reuters that it "does not comment on rumor or speculation."

The rebranding would likely position the Facebook social media app as one of the several products under the umbrella of a parent company, which will oversee groups like WhatsApp, Instagram and Oculus, The Verge said.

The social media giant has described its "metaverse" project as "a new phase of interconnected virtual experiences" that make use of virtual and augmented reality and this week said it would hire 10,000 people in the EU to work on the project.

Tuesday's report comes as the company faces increasing criticism and scrutiny over its business and user data practices.