Apple is set to unveil it's iPad Mini at an event on October 23, according to a source familiar with the gig, Reuters reported Friday.

Rumors of a smaller iPad have been out for months as Apple seeks to get a share in the market of smaller and cheaper tablets dominated by Amazon's Kindle Fire, Google's Nexus 7 and the like.

The anonymous sources told Reuters that Apple is unveiling a "new product" on October 23, but the source did not specify what product. A specific date was not revealed until today and previous reports just speculated that the release would happen in "late October."

Microsoft is expected to unveil it's Windows 8 and its Surface tablet on October 26.

The price tag for the iPad Mini is rumored to be around $250 to $300 depending on screen sizes which matches closely with the products being put out by Amazon and Google that start at $199.

Apple's iPad Mini is rumored to be released with an option for a 7-inches and 9-inches screens.

Wall Street Journal analysts have actually said they have played with a "pilot iPad Mini" in Asia.

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Ipad mini