Apple is likely to announce more on their newest device this week.

The group is expected to release information about the iPad mini, which is expected to be not only smaller, but also less expensive than its larger counterpart, the iPad.

Forbes notes that the iPad Mini is expected to cost between $249 and $299, lower than the most recent iteration of the iPad, which begins at $499, and the iPad 2, which starts at $399.

TheStreet.com author Chris Ciaccia says that the smaller device will likely have a 7.85 inch screen, but will be fairly similar to the 9.7-inch iPad. It is rumored that the iPad Mini will go on sale on November 2nd, and preorders could begin as early as this week.

Ciaccia also believes that Apple will introduce more new products at the event tomorrow, which could include a Mac Mini and a revamped MacBook Pro.

The event is scheduled for Noon Central Time on Tuesday, October 23rd.

More information about the newest tablet is available at Forbes.