The latest rumored specs for Apple's latest new gadget, the "iPad Mini" tablet have been released. Although the Cupertino-based company did not confirm that they are actually going ahead with the mini product, latest leaks suggest that production is already underway in China. 

The rumored device is to sell for just $249 - which will most likely place them at the top of the mini-tablet market. Google's latest Nexus 7 tablet priced at just $199 have already sold out in many retailers across the States, as the affordable price-tag and great features have lured many customers. 

According to a report from ThinkiOS, the iPad Mini is set to be 7.87 inches tall and 5.3 inches wide, compared to the new iPad which currently measures 9.5 inches tall and 7.31 inches wide. It is also rumored to be as think as an iPod touch, which is only 7.3 millimeters thin, opposed to the current 9.3 millimeters for the new generation iPad. However, a report from WSJ also suggested that the screen will actually measure 8 inches diagonally. 

Other threats to the purported iPad Mini is Amazon's Kindle Fire 2 and Microsoft's Surface Tablet, powered by Windows 8. 

Tags: ipad mini