iMore is out with a new report today, claiming that it has learned from a reliable source that Apple will be going forward with plans to release a 7-inch iPad this fall. The tablet will launch in October, alongside the new iPhone, and cost less than $250.

While it’s easy to chalk this up to just another “iPad mini” rumor — we know, there’s been a lot of them — it’s worth noting that iMore has been fairly accurate in the past with Apple info, most recently nailing the new iPad event date last March…

From the report:

“We haven’t gotten a firm read on the exact dimensions, so we’re using 7-inches generically here. Our source has indicated, however, that the 7-inch iPad will be identical in every way to our current 9.7-inch iPad, just scaled down. That seems to include a 2048×1536 resolution display, just like the new iPad. If accurate, that would put the pixel density at around 326 ppi, identical to the iPhone 4S (and higher than the 264 ppi new iPad) Retina display.”

The site indicates that even with a Retina display, Apple will be able to keep the tablet’s price tag between $200 and $250. This differs greatly from the previous rumors we’ve heard that the smaller iPad would have a lower resolution 1024×768 display to keep costs down.

“one way Apple will be keeping costs lower is by providing less storage capacity. $200 will get you 8GB. That’s identical to the current entry-level iPod touch, which also starts at $200.”

It’ll certainly be interesting to see how this plays out. If true, Apple would be releasing [at least] two major products (don’t forget that new iPhone) just as the holiday season is starting — a time the company absolutely dominated last year.