Great news for all the Microsoft enthusiasts as the world's largest software maker may launch its own iPad competitor running on the new Windows 8 operating system today.

While rumors of a Microsoft-built tablet have surfaced before, this time the company's mysterious event on Monday in Los Angeles and a promise to make a "major" announcement, have fueled the rumors more. According to AllThingsD and other reputed sources, this event will mainly focus on Microsoft's tablet strategy. And, if rumors are to believe, the tech titan has built up a partnership with Barnes & Noble to develop the tablet and TechCrunch says the new device will focus mostly on entertainment. Xbox streaming might also come in the new tablet.

But according to CNET, contrary to popular belief, the new Microsoft tablet will target Amazon's Kindle Fire rather than iPad.

Microsoft announced a partnership with Barnes & Noble in April. As a deal, the software maker invested US$300 million to focus on Barnes & Noble's Nook digital and college businesses while Barnes & Noble agreed to run its Nook digital bookstore on Windows 8.

Windows 8, however, is Microsoft's next-generation operating system that will launch later this year.

For Microsoft, which is now trying hard to make an impact in the tablet market, the timing is perfect as the WWDC event has just got wrapped up and the Cupertino tech giant is grabbing headlines with its new iOS 6 mobile-operating system and Mac lines.

Meanwhile, rumors are also swirling about the launch of Windows Phone 8 at this event.

Microsoft, however, declined to comment on the subject and those reports.