McGraw-Hill CEO, Terry McGraw has confirmed the existence of the Apple tablet in a CNBC interview about the company's earnings reports.

When pitched the question about the tablet, McGraw completely spills the beans in only a way a CEO could:

"Yeah, very exciting. Yes, they'll make their announcement tomorrow on this one. We have worked with Apple for quite a while. And the Tablet is going to be based on the iPhone operating system and so it will be transferable. So what you are going to be able to do now is we have a consortium of e-books. And we have 95% of all our materials that are in e-book format on that one. So now with the tablet you're going to open up the higher education market, the professional market. The tablet is going to be just really terrific".

Skip forward to 2:53 in the video above to hear it from the horse's mouth.

You can track all the Apple news from our Apple homepage on Pocket-lint as well as see all the news of the Apple tablet event from Cupertino - 6pm UK time on Wednesday.