Rumors are circulating that Apple will release a new and smaller iPad in a move to compete with the Nexus 7 and the Kindle Fire. The mini is rumored to cost as little as $249.

Bloomberg has more details: “The new model will have a screen that’s 7 inches to 8 inches diagonally, less than the current 9.7-inch version, said the people, who asked not to be identified because Apple hasn’t made its plans public. The product, which Apple may announce by October, won’t have the high-definition screen featured on the iPad that was released in March, one of the people said.”

AppNewser has more about all of the other tablets hitting the market: “Last week, Google released the Nexus 7, a $199 7-inch tablet computer that it is designed to consume digital media content like apps, music, books and movies from Google Play. We’ve heard rumors that Google is planning to launch a 10″ tablet and also rumors that two new Kindle Fires, a 7-inch version and a 10-inch version, are coming.”