Facebook Inc plans to launch a subscription-based news product, and will begin initial tests in October, TheStreet reported, citing the social media company's news partnerships head Campbell Brown at a conference.

The feature is likely to allow publishers to create a paywall on Facebook's Instant Articles and guide readers to a publisher's home page to opt for a digital subscription, according to TheStreet report.

The idea for a paywall is based on premium and metered plans and has been in the works for a while, TheStreet said, citing Brown at the Digital Publishing Innovation Summit in New York.

Facebook did not immediately respond to a request for comment.