A new DigiTimes report says Apple will release the next version of the iPad in either March or April.
The report comes after separate rumours indicate Apple is working to produce a new high definition display in the new gadget.
The report says the iPad 3 is set to launch within the next three to four months, with iPad 2 production to decrease to between four to five million units in the first quarter of 2012.
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The report also claims that the new version of the iPad could even be slightly thicker due to implementing a retina display.