Social media giant Facebook Inc is planning to rebrand the company with a new name next week, the Verge reported on Tuesday, citing a source with direct knowledge of the matter.

Facebook Chief Executive Officer Mark Zuckerberg plans to talk about the name change at the company's annual Connect conference on Oct. 28, but it could be unveiled sooner, the Verge report said.

The rebrand would likely position Facebook's social media app as one of many products under a parent company, which will also oversee groups like Instagram, WhatsApp, Oculus and more, the report added.Facebook did not immediately respond to a request for comment.