Apple's new and improved iPad 3 may be launched as soon as 7th March, according to Sky News.
According to industry sources, the next-generation device will have a clearer screen, faster processor, more memory and better internet connectivity than the iPad 2.
It is rumoured that the iPad 3 has a 2048x1536 pixel display - called 'Retina' as the pixel density makes it impossible for the naked eye to distinguish between individual pixels and gives it a sharper look - twice the resolution of the iPad 2 models. The iPad 3 is said to have twice the memory of the last iPad with 128GB.
The next-generation device will also contain an A6 quad-core chip allowing it to run much faster than the A5 dual-core processor in the current version, and will be able to run on 4G networks.
4G is designed to offer at least 100 mega-bits per second (Mbps) of information to be transferred as opposed to 3G which can be as slow as 3.84 Mbps.
Several online technology news sites have said the launch date is set for March 7, and the Yerba Buena Center in San Francisco where Apple's late founder Steve Jobs unveiled the iPad 2 last March is free on the day.
Apple has not confirmed the rumours, but its stock leapt above the $500 mark on Monday.