New rumors circulating on the Internet indicate that Microsoft Corp. is developing a version of Microsoft Office for the iPad, according to The Daily.

According to an unnamed source quoted in the publication, a tablet-friendly version of the company's various desktop-related applications is expected to debut sometime in 2012. In addition, The Daily also indicated that a new edition of Office for OS X Lion was in development and scheduled for release next year. The suite's current version, Office 2011, supports iOS versions up to Snow Leopard, the seventh major version of Mac OS X.                          

The current rumor doesn't come as much of a surprise, particularly since Apple provides a profitable base for Microsoft. The software giant already has a number of apps for the iPad, which include Bing, MSN Onit and MSN OnPoint.

While Office 2012 is yet to be released, Microsoft is hard at work in pushing the latest Windows 8 tablets, hoping that if Office sales prove unprofitable, transferring the suite to other platforms could provide revenue backups for the company, according to The Daily.

So far, Microsoft has not confirmed any of these reports.