According to All Things D, sources claim that Facebook plans to launch the app in the coming weeks, sometime before the end of the year.
Like Messenger and Camera, Facebook's new app is standalone and separate from the main Facebook app, the tech blog said.
Snapchat rose to prominence over the last year due to its capacity for sending private, "self-destructable" messages.
A user can send a photo message to another friend inside the service, choosing the amount of time that the photo will be available for viewing (usually a matter of seconds).
After the user views the photo message for the allotted amount of time, the photo deletes itself from the sender's phone and the receiver's phone, and Snapchat deletes the message from its servers.