Japanese blog Macotakara cites an alleged inside source claiming the Cupertino firm will reveal a lighter, slimmer slate as early as March 2013.
The source also says the next iPad will bear a similar design to the iPad mini, which was announced alongside the fourth-generation tablet at the end of October.
A March release for the fifth-generation iPad would see it arrive on the market roughly one year after the iPad 3, but less than six months after the release of the most recent iteration of the device.
Apple was previously rumoured to be developing a successor to the iPad mini with a Retina display after omitting the feature in the original model.
The firm has also been strongly tipped to enter the television hardware market sometime in 2013.
Watch Digital Spy's video review of the iPad mini below: