Apple is gearing up to unleash the iPad Mini before the year is out! Or so say rumours.

Wall Street Journal’s Market Watch reported that people close to the matter, in the Apple Asian supply-chain, told them the component suppliers for Apple are preparing for mass production of a smaller-sized iPad in September. They added that Apple is working with LG on the display tech.

Bloomberg also got in on the speculation-action when its (unnamed) sources gave word that a tablet with a screen size of ‘7 to 8 inches diagonally’ will arrive before the end of 2012.

Wall Street Journal first reported that Apple was tinkering around with a smaller iPad in February, although at the time, Apple was undecided as to whether to proceed with it.

The debut of a smaller iPad is set to undercut the competition found in the Microsoft, Google, and Samsung tablets. Last year the iPad held 62% of the market share in tablets, and the iPad Mini could help Apple take it even further, especially when competition is heating up.

Apple is currently embroiled in a legal battle against Samsung over supposed patent violations with its Galaxy 10.1 tablet.