The much-hyped Apple's next generation tablet, dubbed iPad 3, might debut in March with a quad-core chip, a high-definition display and will support LTE network, Bloomberg reported, citing some anonymous sources, who are familiar with the product.

iPad 3 will use a quad-core chip, which will increase the device's performance greatly, two sources told Bloomberg.

In addition, another source revealed that Apple has been working to make the tablet compatible with Long Term Evolution (LTE) network. This won't br surprising as compared to the iPhone, the iPad has a bigger battery, which can support the faster network better, for the technology requires more power.

However, the display of the forthcoming iPad has become the focus of the rumors, for it reportedly will be the most striking change in Apple's new tablet.

According to the source, the new display will sport a much higher resolution than the current model. The pixels are even small enough to make the images look like printed material. And, a better graphics processor will ensure that the videos begin playing almost instantly.

The launch date of the new iPad is reportedly sometime in March. According to the source, in order to meet Apple's production requirement, the major manufacturing suppliers such as Foxconn and Pegatron, will work round the clock until China's Lunar New Year holiday and subsequently, they will ramp up operations to a peak in February.

The supply-chain data compiled by Bloomberg showed that Foxconn, which also assembles the iPhone and other products for Apple, derives almost 22 percent of its sales from the tech giant.

Apple is counting on the next generation iPad to ward off mounting competition in the tablet market. Despite currently facing powerful rivals such as Amazon Kindle Fire and Nook, iPad still ranks as the second biggest revenue driver for Apple, after the iPhone. Bloomberg reported that Apple has sold over 40 million iPads, gaining at least $25.3 billion in sales.

Apple's spokeswoman Natalie Kerris said the company does not respond to rumors and speculations.