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It doesn't seem to be a discarded patent, either.
A round Apple Watch could be a possibility. Apple was granted a patent for a round display that is likely intended for the Apple wearable.
The design of the Apple Watch has hardly changed since it first launched in 2015, with each new generation keeping the rectangular body and display. But as Patently Apple points out, it's worth noting that this patent was initially filed after the original Apple Watch released, so it's not just a patent for an Apple product that never came to be. It's possible that Apple wanted to secure this patent as an alternative design, just in case it planned on making a round Apple Watch.