We’ve already told you how Apple and Samsung are working closely with each other to introduce the world to the new iPad. Now, The Korean Times (via Slashgear) suggests the two technology powerhouses are working to bringing us a 7″ iPad “Mini” later this year.

According to the new report, Apple will likely be handing over $11 billion to the Korean-based company this year alone for supplies, a significant increase from $7.8 billion in 2011. However, that number isn’t because Samsung is supplying key parts to Apple for the new iPad.

Rather, it “is expected to rise to $11 billion by the end of this year as Apple is planning to release a smaller iPad, probably with a 7.85-inch screen, and to sell more of its MacBook Air PCs using Samsung’s faster solid state drive storage.”

This isn’t the first and probably won’t be the last report indicating Apple is prepping an iPad “Mini” for market in 2012. If a smaller iPad does arrive, it will surely be used to compete against Amazon’s popular $199 Kindle Fire.

But, that isn’t all.

The same report suggests future iDevices could include OLED screens.

“Samsung is putting huge resources into becoming the world’s first OLED panel supplier to Apple for use in i-branded devices” the executive source claims. “Apple has the intent to use Samsung’s OLED technology, however, Apple doubts the output commitment for OLED screens by Samsung.”

This news was first reported just weeks ago when a Samsung Securities document suggested Apple would switch from the IPS display the company current uses to OLED/AMOLED for the iPad 4 and iPhone 5. Before that, it was reported that the first iPad using AMOLED would be available in 2013.

It’s clear that Apple and Samsung, despite their legal fights, are committed to working together now and into the future. The end result could be some pretty amazing products coming in the next year and beyond. Stay tuned.

Is Apple wise to reveal an iPad “Mini?”