Apple may be just hours away from unveiling its most ambitious new hardware product in years.

At its Worldwide Developers Conference, which kicks off Monday at its Cupertino, California, campus, Apple is widely expected to introduce a "mixed reality" headset that offers both virtual reality and augmented reality, a technology that overlays virtual images on live video of the real world.

The highly anticipated release of an AR/VR headset would be Apple's biggest hardware product launch since the debut of the Apple Watch in 2015. It could signal a new era for the company and potentially revolutionize how millions interact with computers and the world around them.

Apple CEO Tim Cook has expressed interest in augmented reality for years, and talked up the technology's potential to help people communicate and collaborate with each other.

But the move is not a sure bet for Apple. Other tech companies have struggled to gain mainstream adoption for headsets over the years. The market for the product also remains small.

The headset is just one of many announcements expected at Apple's developer event.

As with its prior developer events, Apple will also show off a long list of software updates that will shape how people use its most popular devices, including the iPhone and Apple Watch.

Apple may also tease how it plans to incorporate AI into more of its products and services, and keep pace with a renewed arms race over the technology in Silicon Valley.

The event will be livestreamed on Apple's website and YouTube. It is set to start at 10:00 a.m. PT/1:00 p.m. ET.