Apple appears to be on track to launch its much-awaited iPad Mini soon. Rumors suggest that iPad Mini's event invites will be sent out on Oct. 10.

On Sept. 12, the smartphone industry had the first glimpse of the fabled iPhone 5, which received a lukewarm response from the tech community. Now, tablet users are waiting for Apple to launch the iPad Mini. Rumors indicate that Apple will launch the iPad Mini on Oct. 17 and event invites will be sent on Oct. 10.

Fortune reports that the rumor for the iPad Mini's invitation date and launch date comes from an Apple investor.

"According to our source, who asked not be named, there appears to be some truth to the widespread rumors that Apple is preparing to launch a smaller and cheaper version of the iPad -- often called the iPad mini or iPad air and usually described as having a 7.85-inch screen," indicates Fortune.

Furthermore, Fortune reported that "What our source adds is the specificity of a date: The press, he says, can expect invitations to go out on Oct. 10."

Rumors of the iPad Mini have been building daily. Some suggest that the iPad Mini will sport a 7.85-inch display with 2048 × 1536 pixels resolution and 326ppi. The iPad Mini is expected to be thinner and feature a smaller dock connector. With iPhone 5 launched with an 8-pin Lightning connector, users will expect the same connector in the next-generation iPad as well.

Some rumors have suggested that the next iPad will feature a camera and will have 8GB of on-board storage. Unlike the current iPad, the next-generation iPad Mini will not have Retina Display graphics. The iPad Mini is speculated to be priced competitively between $200 and $250.

If the rumors are accurate, then the launch of the latest iPad Mini will compete with 7-inch tablet market players like Amazon (Kindle Fire HD), Google (Nexus 7), Samsung (Galaxy Tab 7.0), and Barnes & Noble (NOOK HD).