If you are looking to put a discounted iPad under somebody’s Christmas tree, you might be in luck. Tipsters are reporting that select T.J. Maxx and Marshalls stores are offering the entry level iPad model at a huge discount.

Engadget states discount retailer T.J. Maxx is stocking 16GB Wi-Fi iPads at some of its stores in Ohio and New Jersey priced at $399.99. This is a savings of $100 off the retail price.

According to the report:

We made a couple phone calls and found some at stores in Ohio and New Jersey (including one who said they were holding their stock back for Black Friday) while we struck out in other parts of the country. Still, if you’re looking to drop cash on one of these guys, we’d make a quick call to your local outlet before heading to the Apple Store.

Meanwhile, MacRumors says T.J. Maxx sister chain Marshalls is also offering the same deal.

Some pieces to this story are missing. For one, we don’t know if this deal is going to be offered at all T.J. Maxx and Marshalls stores, or just select ones. Nor do we know if they will be available on a long term basis or just on Black Friday (November 26). Plus, we have no way of knowing how many iPads are being stocked at each store. Sounds to me like these could be Black Friday “early bird” specials.

Our advice: if you’re in the market for an iPad, call your local T.J. Maxx or Marshalls store first. You could save yourself $100.

If any of our readers have noticed similar sales, please let us know. Leave your comments below.

[Photos: Engadget, MacRumors]