An iPod that can play video is topping the rumour list of the products Apple will unveil on 12 October.
Gossip is flying about what Apple will unveil next
The event is cloaked in the usual Apple secrecy but speculation has been rife about what will go on show.
The BBC's Television Centre in London is hosting part of the event which has fuelled gossip about the video iPod.
Other candidates for the launch include a higher-capacity iPod, improved Power Mac and Powerbook computers and tiered pricing on the iTunes store.
Apple's invitation to the event bills it as "One more thing..." suggesting that it is an extension to an existing family of products.
Rumour sites such as Think Secret have swung back in favour of the video iPod after previously suggesting it might be new Power Mac and Powerbook computers. Also weighing in have been on gadget sites such as Gizmodo and Engadget.
Speculation has been rife about the final form of the video iPod if it is being launched on 12 October.
The video iPod is rumoured to be thinner than the 60GB version of the portable media player that has a large, high-resolution colour screen, room for which is made by a shrunken click wheel.
Rumour-mongers expect that, alongside the video iPod, will go the creation of a video version of iTunes that gives people something to watch on their player.
One other possibility was the launch of a Madonna-themed iPod similar to the U2 branded version.
Also featuring in the list of potential products was a top of the line iPod with a much bigger hard drive. Sales of these gadgets have been depressed over the last year following the launches of the iPod mini and nano.
Betting site Bodog even started giving odds on what exactly Apple will be launching. Upgraded iPods and the video version were favourites in its list.
The press event is being held only a day after Apple announced record earnings, much of which was due to the success of its iconic iPod gadgets.