Apple is also reportedly in negotiations with the major U.S. TV networks in an effort to strike deals and offer TV shows for rent via iTunes for 99 cents per episode. Some media companies are already selling episodes on iTunes, but currently for $2 or $3.
Apple will hold the event at the Yerba Buena Center for the Arts. The invitation sent to the press carries a picture of a guitar's front, with an Apple logo standing in for the sound hole.
Apple has described its TV device - Apple TV - as a hobby. As such, the company has neglected it focusing on the development of gadgets such as the popular iPad, and the iPhone.
While Apple may be ready to revamp its TV device, the iPad is enjoying great sales and popularity. Many rivals including Samsung, LG, HP, Lenovo and Sharp are ready to compete with Apple with their upcoming tablet device. However, Apple iPad will not face a serious competitor until next year, according to a report from market research firm iSuppli.
The iPad, which likely will account for nearly three quarters of worldwide tablet shipments this year, will hold at least 70 percent of the market in 2011 and 62 percent by 2012, iSuppli said in its report on Wednesday.
Apple sold 3.3 million iPads last quarter.
Hewlett Packard, Dell and Lenovo are rolling out Android and Windows 7-based tablet devices to rival the 9.7-inch iPad, but they will struggle to compete with iPad's mix of hardware, software, operating system and applications, the firm said.
iSupply also cited rumors that even Research in Motion is trying to enter the tablet market with its recent purchase of the domain name "BlackPad."
Google has been also rumored to release a Chrome OS tablet on Nov 26. However, iSupply does not expect a release of any touch-enabled Chrome based device before 2011.