AllThingsD has reported that Apple would announced their brand new product iPad Mini at a media event on October 23.

This pretty much confirms the rumored arrival of the smaller iPad considering ATD is owned by WSJ which has a history of reporting about future Apple products.

Apple iPad Mini is likely to feature a 7 inch display which would put it in direct competition with comparable models from Amazon and Samsung. Google Nexus 7 of course is also a direct competitor in this segment of the market.

Apple is likely to offer a similar aspect ratio to ensure that the apps are compatible from day one on this model. Would be interesting to see if developers would have to make any changes to their apps to make it ‘fully compatible’ with the mini edition of the iPad!