The new service is being developed aiming Apple’s iPhone and iPad design elements.
Facebook has reportedly begun working on its own social news aggregation service, ‘Reader’, to add to its mobile offering.
The new service will work by displaying content from the social networking site users and publishers in a new visual format customised for mobile devices.
Mainly targeting to showcase news content, the project has been in development stage for more than a year and the current version resembles Flipboard, which combines stories from multiple sources and enables users to flip through articles.
Recently, Facebook launched a new service dubbed ‘Video on Instagram’ that enables users to record up to 15 seconds of video and upload onto its network.
Rivalling Twitter-owned Vine, the new video service is customised for iPhones and Android-powered smartphones and features 13 filters that offer special effects and post to users Facebook pages same as posting pictures.
Facebook has also added a hashtag feature in its comments in a bid to assists users in tracking popular topics being discussed on the social network site.
Previously, Yahoo purchased Summly for $30m, a new application developed by a UK teenager, that sorts news by topics in quick bites for smartphones.