Apple is reportedly working on a television, referred to as 'iTV,' to be released later this year. The first television set produced by the computer giant will be a 60-inch Apple TV set.

CS Monitor published a note from Brian White of Topeka Capital Markets stating the "iTV" would be a 60-inch TV set, measured on the diagonal, and would also come in 50 and 55-inch models.

The 60-inch Apple TV would come with a remote control in the form of an "iRing" that fits on the viewer's fingers and will allow for the user to control the Apple TV simply by pointing at it.

The TV set would also allegedly come with "mini iTVs," similar to tablets, which will be able to wirelessly receive video from Apple's iTV set. The tablets will have 9.7-inch screens, the same as the full-size iPad, White said.

The concept of the mini iTV is similar to what cable and satellite providers are starting to do, by letting their boxes send video to iPads and other tablets.

White's report is based on visits with unnamed Chinese and Taiwanese companies that supply Apple with parts for products.

Apple is notorious for never discussing their future products before their launch, but the late Steve Jobs once told biographer Walter Isaacson that he wanted to remake the television, and had already figured out how to do it. Last year, several analysts' reports predicted that Apple would launch a TV set in 2012.

The company has already entered the TV market via the Apple TV. The Apple TV is a small box that connects television sets to iTunes, allowing users to wirelessly display videos, photos and games from their Apple computers on their TV screens.

Analysts have estimated that Apple's TV sets will be released later this year and will range in cost from $1500 to $2500.