Originally, many thought the iPad Mini would be unveiled on Sept. 12 along with the iPhone 5, however, the day came and went and new reports suggest that the iPad will be unveiled and released sometime in October of this year.

Metro reported on one source that suggested invites for an iPad Mini launch event would be sent out by Oct. 10, and that the actual release could likely happen by the end of the month. Also according to the source, the release has been strategically placed before the holiday season in hopes of higher demand during holiday shopping time. No doubt that the iPad Mini would make a great present.

Another site also confirmed the October rumored release.

"Rumors are circulating in the IT market that Apple will launch its 7.85-inch iPad in October with a thinner screen frame to allow the device to feature a bigger display area than other competing products and will also feature a resolution similar to that of iPad 2," reported DigiTimes, citing sources from Apple's "upstream supply chain."

Apple revealed their iPhone 5 on Sept. 12 so it might be that the company is waiting for October to release the new iPad so as not to overshadow sales of the new iPhone. The launch event also introduced a new set of iPod Touchs.

Gottabemobile.com, a mobile news and review site, stated that the iPad Mini is expected to be thinner and two-thirds of the size of the original iPad. Confirmed reports also said that it will indeed include front and rear cameras and a Retina Display.

The new iPad has high expectations to do well among consumers and reports suggest that it might debut a new direction for the Apple company.

"Back in 2010, former Apple CEO Steve Jobs said that smaller screened tablets were not 'sufficient to create great tablet apps' and would be 'dead on arrival,' so rumors suggesting a new iPad mini is in the works reveals a potentially new direction for the firm in its post-Jobs era," techradar.com said.

Tim Cooks replaced Jobs as Apple CEO when the visionary died in 2011.