Apple is reportedly ready for a late January announcement related the new device -- possibly a tablet PC -- the Financial Times reported last week.

The company has rented a stage at the Yerba Buena Center for the Arts and is expected to make a "major product announcement" on Tuesday, January 26, the report said, citing people familiar with the plans.

The report comes amid mounting excitement about Apple's rumored plans to release a tablet computer. Apple has never confirmed the existence of the device -- which is said to resemble a larger iPhone or iPod touch -- but speculation has been rampant for months.

According to an earliest report, Apple appeared to be gearing up to build as many as 1 million tablet computers per month, with an official launch to be positioned in March or April 2010. The device will also feature a 10.1-inch multi-touch display based on iPhone's LTPS LCD technology, not the considerably more expensive OLED technology, according to the report.

The FT report did not say whether Apple planned to unveil the tablet at the January event. According to analysts, the tablet could resemble a larger iPhone or iPod touch, and could cost anywhere from $500 to $1,000.

Apple's shares reached their all-time high on Thursday as excitement builds over the expected release of its new device.