Press reports claim Apple is going to announce its unconfirmed iPad mini tablet on Wednesday, October 17 and a major Apple investor told Fortune that he heard from multiple sources that Apple will send out invitations on October 10.

The mini is supposed to have a 7.85-inch screen compared to the classic iPad's 9.7-inch screen.

The cheaper widget would compete with Amazon, Barnes & Noble and Android, which are offering smaller, cheaper alternatives to the market-defining iPad. Google, for instance, now has its own seven-inch Nexus tablet selling for $199 and Amazon's got a Kindle Fire priced at $159. iPad starts at $499.

Mass production of parts for the supposed iPad mini has started according to a front-page story in the Wall Street Journal on Wednesday quoting "people with knowledge of the situation."

Two of the sources reportedly said the "smaller tablet will have a 7.85-inch liquid-crystal display with a lower resolution" than the classic 9.7-inch iPad that came out in March.

Apparently it will be easier to hold a lighter mini to play games and watch videos.

iSuppli is forecasting an 85% surge in global tablet sales this year to 126.6 million units.