"The amount of the current contract is around $9.7 billion," the official said, adding that the popularity of Apple products lines the pockets of Samsung as well. He said that the amount may go up to $11 billion, depending on the demand for Apple products.
The amount of the contract is expected to increased until at least 2014 under the current terms.
The official said the increase is due to Apple's purchase of chips from Samsung for the new iPad and the planned release of a smaller iPad.
"The contract 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 (SSD) storage."
Recent reports say that Apple is working on a 7.85 (8-inch) tablet that will go into production in Q3 and launch by Q4.
Read More [via BGR]