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Elon Musk has said that an announcement regarding the micro-satellites will be made in two to three months SpaceX

SpaceX founder Elon Musk has confirmed that the firm is in the early stages of developing advanced micro satellites to deliver unfettered and "very low cost" internet access.

Musk took to Twitter yesterday to confirm rumours stemming from reports in Space News and The Wall Street Journal that he had been working with WorldVu Satellites, a satellite firm headed by former Google executive Greg Wyler.

The reports suggested that Musk and Wyler were working together to develop smaller and less-expensive satellites to deliver smaller and less-expensive satellites to deliver internet access across the globe.

It was claimed that plans consisted of 700 satellites - a fleet size more than 10-times larger than the largest currently in operation.

It is estimated by industry experts that the project would cost around $1 billion (£630,000, €800,000) and would need to be carried out within the next 10 years to avoid issues with radio spectrum rights.

Despite the confirmation that SpaceX was working on internet satellites, Musk was critical of The Wall Street Journal's report and claimed that many important points were false.

In response to a tweet from one of the journalists behind the report that claimed the "scoop" had been confirmed, Musk said: "No, WSJ was wrong on several important points. The article shouldn't have been written on rumour and hearsay."

Musk and Wyler would not be the first to use airborne technology to deliver internet access to the world.

Through, Facebook CEO Mark Zuckerberg has outlined plans to use drones and satellites to spread connectivity, while Google's Project Loon is looking to use a network of high-altitude balloons to connect people in rural and remote areas.