Apple on Tuesday invited members of the press to an event next week where it is expected to release a smaller version of its iPad tablet.

The October 23 event will be held at the California Theatre in San Jose, Apple said in an invitation. Apple hinted at something small with the words: "We've got a little more to show you."

It is well-known for months now that Apple is planning a smaller, less expensive version of its popular iPad to take on cheaper competing devices such as Amazon.com's Kindle HD and Google's Nexus devices, both priced at $199. Microsoft also today said its new Surface tablet, which goes on sale Oct. 26, will be priced starting at $499.

Apple is curently sellings its 9.7-inch iPad for $499 and the previous version for $399. The new version is expected to feature a display that is between 7 inches and 8 inches and be priced between $199 and $299.

According to rumors, Apple is also planning to reveal a new version of its tiny Mac mini computer along with new iMac desktop computers at the same event.