The US technology giant is to hold a launch event tomorrow in San Jose, US, at which it is expected that the so-called iPad Mini will be confirmed.
9to5Mac reported at the weekend that the new tablet will be priced between the new, fifth-generation iPod touch ($299) and the WiFi-only 16GB iPad 2 ($399).
According to the site's sources, the base 8GB model of the iPad Mini will cost $329 in the US, while the 16GB and 32GB versions will cost $429 and $529 respectively.
9to5Mac also claimed that Apple will offer a version of the iPad Mini that can connect to cellular networks, although it does not indicate whether that means 3G or 4G.
In line with previous iPad pricing, it is thought that the WiFi + 3G iPad Mini will cost $459, $559 and $659 respectively for the 8GB, 16GB and 32GB models.
It is unclear how this all would correspond into UK pricing.
Apple's new tablet is expected to be similar to a large iPod Touch, featuring thinner side bezels than the larger iPad to make it easier to hold in the hand.
Previous reports have indicated that the product will launch tomorrow, and then go on sale on November 2 in time for the Christmas market.
There have been conflicting reports on whether Apple's iPad Mini will support 3G or just be WiFi-only, as there is an increased cost in creating devices that support mobile connectivity.
However, Apple has recently made advances in its chip technology, and has the incentive that Google is expected to announce a 3G Nexus 7 at its own launch event next week.
Should the iPad Mini pricing speculation prove correct, then it means that Apple has been careful to position the product as costing more than the new fifth generation iPod Touch, but being cheaper than the large-screen iPad.
The starting price of $329 would make it more expensive than rival products, as the entry-level Nexus 7 costs $199, and Amazon's Kindle Fire is even cheaper at $159.
However, Apple will most likely rely on the draw of its brand, along with its design and manufacturing prowess, and the iOS/iTunes ecosystem to draw customers in.
After all, the firm priced the entry model of the iPhone 5 at £529 and the smartphone still sold more than five million units in just the opening weekend after its release in September.