Apple could be preparing to host a media event in March that may focus on its widely-anticipated television initiative. Peter Misek from Jefferies Equity Research doesn't believe we will see an actual iTV at the event but instead, developer tools that would permit the current Apple TV set-top box to gain third-party apps.

In a note to investors, Misek said he believes an actual television launch may happen in September or October based on channel checks. He anticipates Apple launching a set in the 42-inch to 55-inch range which could start somewhere around $1,500. Cupertino would largely rely on leveraging content via partnerships with existing pay-TV operators, he said.

The idea that Apple wants to reinvent the television set like they have the music and mobile phone industry is perhaps one of the worst kept secrets in tech. Rumors about an iTV have been swirling for years, even before Steve Jobs acknowledged that he'd finally "cracked it" in his authorized biography by Walter Isaacson.

During Apple's most recent quarterly conference call, CEO Tim Cook noted that his company had a lot to contribute to the television segment. He said they are keeping a close eye on the market (to say the least).

As Apple Insider points out, a lot of the speculation surrounding the television idea has to do with investors wanting the company to diversify their offerings. Profits from smartphones may have already plateaued so looking to another market for additional revenue wouldn't be a bad idea.