iPad mini debuting this month?

"Major Apple investor" says press invitations for iPad mini going out October 10, release expected later in the month.

Apple's long-rumored iPad mini may not be far off. A "major Apple investor" speaking to Fortune has heard it from "multiple sources" that the Cupertino, California technology behemoth will distribute press invitations for an iPad mini event on October 10.

Is Apple going small for its next iPad revision?

If press invitations do go out on October 10, and if Apple sticks to its previous scheduling tactics, the event itself may take place a week later on or around October 17. If this is the case, the iPad mini could launch to consumers the following week.

Press invitations for Apple's iPhone 5 event went out on September 4, with the event itself taking place on September 12. The new smartphone went on sale September 21 and has sold over 5 million units thus far.

Nothing is known about the iPad mini, but competition in the tablet market has ramped up of late. Last month, Amazon announced revisions to its Kindle Fire line; Google has its quad-core Nexus 7; and the Nook HD from United States bookstore Barnes & Noble ships next month.

The third iteration of the iPad was released in March, and sported a 9.5-inch screen. An earlier report suggests that the iPad mini will boast a 7.85-inch screen.