Apple will most probably take the wraps off its mini iPad at an October 23 invitation-only event, according to sources. iPad Mini will be announced just a few days before Microsoft release the Windows 8 OS, along with its new Surface tablet on October 26.

There has been speculation swirling for months that Apple was planning a smaller, more affordable version of its iPad to take on cheaper competing devices such as Amazon's Kindle HD and and Google Nexus 7.

The Wall Street Journal had previously reported that Apple's Asian component suppliers had started mass production of the new tablet.

Apple declined to comment on the report, which appeared online on Friday on tech blog AllThingsD.