Start saving up your loose change, Apple faithful, because inside sources claim that the company is preparing for the release of a fifth generation iPad in the next few months.

According to Macotakara, Apple is currently hard at work developing the latest iteration of the iPad, and hopes to have the latest version of their ultra popular tablet ready for sale by March 2013. The blog also says that Apple is hoping to get the fifth generation iPad ready as soon as possible to offset reset gains being made by other popular tablets like the Nexus 7/10 and Microsoft's Surface series.

Reports have already suggested that Apple plans to unveil a second generation iPad mini, which would ship with the company's widely loved Retina display, and the company has been known for releasing device updates in batches. Most iPhone announcements are typically accompanied by iPod updates, and the company revealed new iMacs and Mac minis alongside the iPad mini back in October.

The release of another iPad update so soon is likely to confuse many, and anger even more, particularly given the relatively high performance of the recently released fourth generation iPad. Some investors worried that the iPad mini would cannibalize some/all of the larger iPad market share; however, the opposite has actually proven to be true. Not only have both iPad and iPad mini sales remained strong since they were released, in October and November respectively, a new report from Fortune revealed that claims of market cannibalization have been drastically overblown.

Many customers were also shocked to see the fourth generation iPad introduced so soon after the third generation, and some wondered why the company bothered to release an incremental iPad update that still left the device trailing behind many big name competitors. Similar questions will likely be raised if the latest fifth generation iPad rumors are true, considering that a March 2013 release would only be four months removed from the release of the last iPad refresh.

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