The release date for the iPad 3 could be just weeks away if some of the recent information leaks from Asian suppliers prove to be true.
iOS 5.1 is also expected to launch simultaneously with the new tablet since it will run on the upgraded system.
"There do not appear to be any significant technical hurdles remaining," said Citi analyst Richard Gardner to the International Business Times.
One of the main rumored features for the upcoming device is a larger updated Retina display that will double the pixel density of the iPad 2, giving it a full HD QXGA resolution.
"The larger resolution should provide the company's app developers more convenience, while all future applications will be able to run under any of Apple's machines including the 27-inch iMac," said Gardner.
It is also expected to incorporate a new quad-core A6 chip making it possess double the processing speeds of its predecessor that currently employs the A5 chip with a dual-core.
A recent report from Bloomberg also confirmed that the tablet will have an early 2012 release.
"The company's manufacturing partners in Asia started ramping up production of the iPad 3 this month and plan to reach full volumes by February, said one of the people who asked to be unnamed because the details aren't public," wrote the publication. "The tablet will use a quad-core chip, an enhancement that lets users jump more quickly between applications."
The new iPhone 5 is expected to debut later on this year. It should also include the same quad-core chip that will be in the iPad 3 along with using LTE networks. The current iPhone and iPad run on 3G networks. Apple was reportedly waiting for the technology to be perfected before switching over to 4G.