Threads has been billed as Instagram's text-based conversation app and will allow users to keep the same username and follow the same accounts as they do on the photo-sharing platform.

The app is available to pre-order on the Apple App Store with photos of the new product showing a dashboard that looks similar to Twitter.

It appears the app will be free and has none of the new restrictions Twitter has announced.

"Threads is where communities come together to discuss everything from the topics you care about today to what'll be trending tomorrow," the description on the App Store says.

It is set to be launched on Thursday, just days after Twitter's executive chair Elon Musk announced a temporary cap on how many posts users can read on the site.

Musk also announced a slew of restrictions on Twitter, including the need to be verified to use TweetDeck.

The changes, which Musk said were designed to address data scraping, have sparked a fierce backlash from Twitter users and ad experts said they would undermine new CEO Linda Yaccarino, who started in the role last month.

Read more: Who is new Twitter chief executive Linda Yaccarino?

Several apps similar to Twitter including Bluesky and Mastodon have grown in popularity since Musk bought the social media site for more than £34bn ($44bn) in October.

Click to subscribe to the Sky News Daily wherever you get your podcasts

Meta chief Mark Zuckerberg and Musk have engaged in a bizarre rivalry with the pair agreeing to a physical cage fight last month.

Responding to a Tweet about the new app, Musk said: "Thank goodness they're so sanely run."