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Apple iPad 3 that is all set to be released in March is gaining a lot of attention, just like Apple's flagship iPhones. However, as per new report, the much awaited iPad 3 is anticipated to be a compressed version of iPad Pro.

According to 9to5Mac, the next generation iPad's configuration is similar to that of Pro version. However, its display screen will be smaller, from 12.9-inches to 9.7-inches. Apple has been marketing this device as a tablet-cum-laptop, in the same way as Microsoft Surface Pro series. With smaller size and similar configurations, the rumor has it that the device will be called "iPad Pro Mini" and not "iPad Air 3" that is supposedly its name. So far, Apple has not confirmed anything. Another product all set to launch in March is a 4.0-inch iPhone 5se.

The latest offering of iPad will come equipped with A9X processor and powered by 4GB RAM. Also expect to see quad-speakers in this variant. The new iPad will also support Apple Pencil and may also get a mini version of Smart Keyboard to continue the spirit of 2-in-1 tablet

Just like other devices, this one too will come in traditional color choices of silver, god and space-gray. There will be two storage options - Wi-Fi only model with 32 GB and 128 GB capacity and Wi-Fi + Cellular in 128 GB capacity, says International Business Times

As reported by Phone Arena, the new iPad will be priced between $799 and $1,079. It is important to note that none of this has been confirmed by Apple and is speculated by the industry experts.