On the back of Apple’s iPad 2 release last March, news shortly afterwards started to filter through that the Cali Company were already in the stages of introducing yet another iPad tablet, of which up until now has been called the iPad 3.

For months rumoured specs, its name, release date and possible price have all been speculated, but in the last few days we’ve reported on a 7th March event in which the supposed tablet will be showcased. Just yesterday we also gave you news that many of you were trading in your current iPad devices in order to fund your new iPad 3 purchase.

It may be worth holding fire if the news from cnet.com is anything to go by! According to Brooke Crothers production of a smaller 7.85-inch iPad (possibly the iPad Mini) is reported to commence within the third quarter of this year. The smaller version is in the testing stages with a speculated price of between $249 up to $299.

At the present time news can only be taken as pure rumour and nothing else. Let us know if you are in fact waiting for the new iPad, perhaps you have considered trading-in your current device to make way for the new? Would you be prepared to wait for the rumoured smaller 7.85-inch?