Apple is already two generations in on their iPad Mini offering and the next version could see a release before the 2014 holiday season. Last year, the second generation iPad Mini was released in October, so the trend may carry over and the third generation iPad Mini might see an October release.
KGI Securities analyst Ming Chi Kuo, however, thinks that the iPad Mini 3 would see a release a month earlier, probably alongside the iPhone 6 release.
There are speculations that the iPad Mini 3 won't be called so when it's released much like the same way the iPad Mini 2 wasn't called so, instead being called the iPad Mini with Retina Display.
One of the rumors is that the new iPad Mini would be called the iPad Mini Air, following the naming convention that Apple has been doing to its other devices like the iPad and the Macbook. It is however, highly unlikely.
The new iPad Mini is speculated to sport the new TouchID fingerprint recognition feature that will be put into the iPhone 6 and is already present with the iPhone 5S. Since the iPhone 6 will be getting the new A8 processor chip and the latest iOS 8, it will be likely that the iPad Mini 3 will also get these when it is released.
It is unknown if Apple will upgrade the screen size and resolution of the iPad Mini 3 or retain the 7.9-inch 2048 x 1536 resolution screen of the iPad Mini 2. It will be highly likely that Apple would opt for a bigger screen in order to entice customers to upgrade.
The iPad Mini 3 is also likely to come in 16GB, 32GB, 64GB, and 128GB variants, much like the iPad Mini 2. The price range will also differ depending on what variant customers will get but with the 16GB variant of the iPad Mini 2 selling for around $420, the iPad Mini 3 will likely to be more expensive due to the new chip and other new features.