If you're excited about a 7 inch Apple tablet or an Apple television set, then you're in luck. One of the industry's top analysts expects to see both of it within the year.

According to Gene Munster of Piper Jaffray, who told attendees at the Fortune Brainstorm Tech Conference in Aspen, an iPad Mini was "highly likely" and he had talked to manufacturers in Asia who are already supplying Apple with the parts for what they are tentatively calling the iTV.

“The TV thing is real,” Munster said. “It’s just a function of time. Some suppliers are more open in talking about it than others.”

As to when it'll be available, his best guess is at the end of the year, making it possible for a 2013 launch.

As for the 7-inch iPad Mini, Munster says it makes strong business sense for Apple to expand its product line to the low end of the market.

Fellow panelist Horace Dediu of Asymco said he expects an iTV very soon and it'll be huge in the entertainment industry.

“The App-ification of TV will unleash forces we can’t imagine,” Dediu said. “Just look at what native apps like Instagram have done to the phone space.”