Apple is expected to hold an event on Oct. 16 to debut its new iPads along with other products.

Apple will unveil new versions of its standard 9.7-inch iPad, along with its smaller iPad mini, said sources close to Apple. The goal is to shore up sales of the devices as the iPhone currently makes up about half of the company's revenue.

Lately, the company has seen diminishing iPad sales as users are moving to lower-cost tablets, as well as the fact that users are not upgrading as often as Apple wants them to. Apple is also expected to start selling a gold-color option for its iPad.

The iPads to be unveiled at the event are also likely to include Apple's Touch ID fingerprint sensor, which is currently only found on the iPhone. There is also a high chance that the iPads will include Apple's new A8 processor.

It is rumored that the company is also developing a larger iPad, which would have a massive 12.9-inch screen and would be introduced at some point next year.

Apple is also expected to unveil its new iMac computers at the Oct. 16 event as well, with recent rumors suggesting that the company will unveil a new 27-inch iMac with a 5K display. This would be the first time that the company has offered an ultrahigh resolution display on an all-in-one desktop computer.

Apple is likely to present a new operating system, OS X Yosemite. While the operating system was revealed at the company's Worldwide Developers Conference during the summer, it is expected to launch sometime in the fall and is likely to be available to consumers very shortly after the presentation.

Apple has also announced its near-field communication-based mobile payment system, Apple Pay, will be getting an update in October, so it is likely that it will make somewhat of an appearance at the event.

It is important to note that Apple has not officially announced any event and has not commented on the Oct. 16 reports.