We knew it wouldn’t be long before new Apple rumors started brewing.

The tech giant may be releasing a “mini” iPad in early 2012, according to BGR, which cited a note sent to investors Wednesday by Ticonderoga Securities analyst Brian White based on a meeting he had with Apple suppliers.

White “recounted numerous meetings with technology supply chain companies at a trade show in China this week. White noted a general ominous environment, with the majority of the companies he met with commenting on weakening demand across the industry,” BGR reported.

“The whole world is shrinking,” one company representative told the analyst, according to BGR, referring to the device’s potential smaller size.

White also said he expects Apple to release its iPad 3 in the second quarter of 2012. As for the “mini” iPad, the term “mini” refers to both the potential iPad’s price tag and capabilities.

“We believe this lower priced iPad could be priced in the mid-to-high-$200 range,” White said, according to BGR. “We expect this will be followed by a much more powerful, feature rich standard-priced iPad 3 in 2Q12.”

Digital Trends said that the device “may or may not have a smaller screen – likely around the 7-inch size of the Amazon Kindle Fire,” noting that the mini version would be priced hundreds of dollars less than the current $500-$820.

Apple’s “mini” iPad is thought to stave off Amazon’s Kindle Fire, the retailer’s first entrance into the touchscreen tablet market.

However, Apple Insider recalled that in October 2010, the late Apple co-founder Steve Jobs “slammed rivals who were building 7-inch tablets, saying the screen size was too small for users.”

But White’s tip to investors implied that Apple’s goal in addressing the lower end market may be to build a cheaper device, rather than a smaller one, Apple Insider said.