Rumor mills have it that iPad mini 3 could be priced somewhere between $400 and $500 when it launches in the third quarter of this year.

Apple did not drop any hint about the upcoming iPad mini 3 during the last WWDC 2014 conference in San Francisco earlier this month.

Pundits are looking at the same release date of the new tablet alongside iPhone 6 and OS X Yosemite, two highly anticipated products of the year.

Reports also mentioned the specs of the iPad mini 3 that include 7.9-inch screen, 2048×1536 resolution, 8MP camera, A8 processor, TouchID fingerprint scanning, waterproof features and the groundbreaking iOS 8.

In terms of the overall look, there could be zero significant change since Apple is known for very little external updates and heavy on integrating software and internal features.

There are also reports citing that shelves are being cleared and retail stores are cutting the price of the current iPad mini 2 that simply beckons the anticipated launch of iPad mini 3.

Tablets became a cornerstone of the Apple brand in 2012 when the company sold more than 3 million units in 3 days, with the iPad mini being practically sold out.

The last installment of the iPad mini that comes with retina display is a work towards perfection and is a complete powerhouse that generated decent sales within the first few days after release in November of 2013.

The retina display makes every detail of a photo incredibly crisp and clear, it's more than what an HDTV can give on a whole new scale.

iPad mini 2 sports a 7.9-inch screen, 2038x1536 resolution, 3.1 million pixels and runs on iOS 7.

The retina display pretty much delivered for the last iPad mini, and Apple fanatics are now in dire anticipation of what the successor would be like, and the waiting game could end anytime soon.