Reports from unnamed sources have stated that Apple plans to reveal a smaller iPad during a special event on October 23. Although the company did not make any official announcements in relation to the rumors, Reuters, Bloomberg News and CNET News have all confirmed that a smaller tablet will be available before the holiday season.

Steve Jobs derided the idea of a smaller tablet for more than two years and yet, Apple is said to release a mini iPad on October 23. Analysts have closely watched the evolution of the technological giant and they believe the company will launch the mini tablet before the new holiday season.

According to sources familiar with Apple’s future plans, the screen of the new iPad will be half the size of the current tablet, that is, 9.7 inches diagonally. No other details have been provided in relation to the specifications of the tablet, so analysts believe the new device will have the same features as the existing ones. The smaller price, namely $299, is the only aspect which will determine customers to purchase the new device instead of other products from rivaling companies.

Amazon Inc., Google Inc. and Barnes and Noble Inc. have all launched tablets that are set within the same size and price range as the forthcoming iPad. If rumors turn out to be true, Apple could increase its last quarter revenues as customers could opt to pay $299 for an iPad instead of $199 for Kindle Fire.

However, it is not Amazon that Apple is channeling through the release of its smaller tablet, but rather Microsoft. The latter is expected to release Windows 8 at the end of the month, more specifically, three days after the alleged arrival of the mini iPad on October 23. Bill Gates’ company will also introduce its Windows 8-based tablet, “Surface” during the launching of the new operating system.