Get ready for iPad 3 - according to a report by AllThingsD, Apple may launch the next-generation iPad at the event which will be held at Yerba Buena Center for the Arts, San Francisco, where on March 2, last year, iPad 2 was unveiled.

As for the retail availability of the new device, AllThingD speculated that the new iPad will be available 1-2 weeks after the launch event. The exact date of the launch was not reported by AllThingsD.

Design-wise, the new iPad is expected to look similar to iPad 2 but may boast of a faster processor with an improved graphics processing unit. It is also expected to feature a high-resolution 2,048×1,536 pixels resolution Retina Display, AllthingD reported, quoting unnamed source.

Ever since the launch of iPad 2 in 2011, rumors have showered that iPad 3 will feature Retina Display, an upgraded camera and a better battery life. Some rumors even claimed iPad 3 will be powered by a quad-core processor and will run on 4G LTE (Long Term Evolution) network.

Considering the size of the iPad and the battery power it packs, there's no excuse to leave this critical feature out. Most of the competition (HTC, Motorola, Samsung) already has LTE tablets for sale. LTE 4G is the must-have feature for the iPad 3, Informationweek reported.

Most rumors cite unnamed source(s), anonymous source(s) or unnamed Apple supply chains in China/Taiwan as the source of their information.

As usual, Apple has declined to comment on the latest rumor.