Flipboard might soon find itself competing against a reader app owned by a social media juggernaut (read: Facebook), if Re/code's report turns out to be true. According to the website's unnamed source, the social network's been developing a news aggregator called Paper -- and no, it has nothing to do with FiftyThree's similarly named drawing app. Unlike Flipboard which dons a look reminiscent of magazines, the service will reportedly present stories across the internet in a "paper-like (we're assuming that means newspaper) format." Apparently, the project was originally a feature developed for the News Feed during a previous redesign, but it didn't make the cut. Facebook has yet to confirm Paper's existence, but we'll find out soon enough -- the anonymous source believes it could be released this month either as a standalone app or a mobile website.

[Image credit: Marco Paköeningrat/Flickr]