Reports around the Internet describe the proposed device as a larger version of the iPod touch, with 3G Internet access and all of the usual bells and whistles associated with Apple's mobile devices, including support for photos, videos and music.
Unconfirmed online reports indicate that Apple is brokering an exclusive Internet and potential phone service deal with Verizon much in the same way Apple signed AT&T to be its exclusive provider for the iPhone.
But what would this tablet do? Tech analysts have sounded a dubious note about Apple's tablet, mainly because Microsoft has been trying to push a tablet-ready version of its Windows operating system for years.
But Apple's skill at delivering high-quality content over the iPhone could potentially serve its tablet well, giving it the power to simultaneously compete with portable DVD players and Amazon's Kindle.
“It would be a color, flat-panel TV to the old-fashioned, black and white TV of the Kindle,” one publishing executive said.
According to one online reports, Hollywood executives would be more willing to distribute content over an Apple-powered tablet than they currently do over the iPhone.
But along with Microsoft's difficulty in launching a tablet, some tech analysts suggest that even an Apple-powered tablet would be doomed to fail.
"The tablet form-factor in general is good only for a few things," tech analyst Michael Scalisi said. "It’s great for artists and for specialized applications like taking orders. Note-taking in class is debatable since many people are better at typing than handwriting. There are lots of things that tablets are not good at. Take watching movies, for example. Since a tablet is designed for lying flat, you have to be looking straight down to view the computer. Actually, that makes it suck for most things. I guess Apple could build in some sort of stand, but that detracts away from the sort of sexy minimalism that it is famous for."
According to online reports, the device would cost anywhere from $600 to $1,500. Apple is reportedly aiming for a launch in September or October.