One of the most popular and downloaded social news sharing apps for iPad, Flipboard, could soon get some significant competition. Google is said to be readying an app for iOS and Android called Propeller to take on the 2010 iPad App of the Year, according to Mashable.

According to Robert Scoble, writing on Google+, the tech giant is said to be working on a news-sharing reader that is describe by one as being “mind-blowing good.”

All Thing Digital’s Kara Swisher has also confirmed the new product, called Propeller.

She states:

Sources said Propeller is apparently one of a number of new socially focused announcements Google is prepping, including new apps. But the timing for their launch is unclear.

Here’s what is: Propeller is a souped-up version of similar reader apps such as Flipboard, AOL’s Editions, Yahoo’s Livestand, Zite (which was just bought by Time Warner’s CNN) and Pulse.

It is interesting to note that Google was interested in purchasing Flipboard last year, but declined the offer. In doing so, apparently the company has now decided to take on the service with its own.

Is there room for another social news sharing app for iOS? When it comes from Google, there certainly is.

We’ll let you know when we hear more about Google Propeller.