The iPad 3 could arrive as early as March 2012, according to a source for DigiTimes.com that is close to Apple’s Asian supply chain.

This new iPad would not receive that much of an upgrade in terms of hardware and specifications, however it would feature a QXGA display (1,536x2,048) pixel and improved battery life. With the launch of this new iPad, the iPad 2’s price is expected to drop to $399.

“The iPad 3 will come with a QXGA display and longer battery life although its other hardware specifications may not be so amazing as expected, said the sources. But Apple will take advantage of the iPad 3 launch to slash the price of its iPad 2 to $399,” DigiTimes wrote.

According to the publication, the true upgrade will arrive with a device dubbed the “iPad 4” that is set to launch in October. This new tablet will feature a 9.7-inch display and is expected to have “killer applications” along with all-around upgraded hardware specs.

The aim for this iPad 4 would be to feature integrated applications that will allow the device to compete better with an array of Android, Wintel or WoA (Windows on ARM) based tablet PCs. DigiTimes also reported that Apple would be launching a 7.85-inch iPad in late 2012, but now the site claims this is no longer happening.

9to5Mac reported other iPad news last night coming from Jeremy Horwitz of iLounge who tweeted multiple details about the device including that it would feature a much improved camera system with a FaceTime HD camera on the front. The new iPad’s rear shooter is also expected to be on par with the lens on the iPhone 4S and 4.

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