Nike is abandoning its FuelBand fitness tracker as a hardware product but will continue to develop software for wearables, Pcmag.com reports quoting its CEO Mark Parker.

"We are focusing more on the software side of the experience," Parker told CNBC on Friday. "I think we will be part of wearables going forward. It will be integrated into other products that we create, and we\'re looking at expanding our partnerships to create more reach for the Nike Fuel and Fuel system that we have."

There has been speculation that Nike is exiting the wearable hardware business in the face of stiffer competition from tech companies with more experience in the industry and resources devoted towards developing devices.

Parker did emphasize that Nike will continue to build the Fuel software platform for wearables.

The Nike CEO also maintained that Nike will maintain a strong partnership with Apple going forward. More than a year-and-a-half after launching the FuelBand as an iOS-syncing device, the company has yet to release an Android version.