Google's Daydream VR headset could launch sometime in October 2016 for less than $79.

This is according to Variety, which says that a source "with knowledge of the announcement" has suggested this low price point will be unveiled at Google's event later today.

With the Samsung Gear VR retailing at $99, Google Daydream would be the cheapest mid-range VR device on the market.

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It has more functionality than Google's own budget-VR headset Cardboard but a lot less power than the fully-fledged VR devices like Oculus Rift and HTC Vive.

Google's Daydream device is reported to come with a handheld controller that features motion tracking for use in its games.

The device had been rumoured to launch in September, but slipped past that release date without a trace.

We should hopefully learn more about the device and its price point at Google's event. The event will start at 9am PT, and is expected to reveal two new phones as well as the Daydream.