The Apple rumor mill is buzzing again about the release of a new device just in time for the holidays. 

According to Fortune, "a major Apple investor" said that "Apple is preparing to launch a smaller and cheaper version of the iPad." 

Fortune said invitations to the press will go out on Wednesday, Oct. 10 for an event to be held a week later on Wednesday, Oct. 17 and a product launch on Friday, Nov. 2.

Other reports say that Apple will release 7.85-inch iPad Mini. 

Apple has not commented on the speculations.

Apple introduced the new iPad, the third generation of its category, in March. It features Retina display, Apple's A5X chip with quad-core graphics and a 5 megapixel camera and 1080p HD video. 

Apple unvieled it's latest addition to the iPhone family on Sept. 12 and released it on Sept. 21.  Apple said it has sold over five million units of its new iPhone during the first weekend.