The latest tech rumors suggest that Apple may release the iPad Mini 2 in October alongside the new iPad 5.

Reported sources for iLounge stated that the device will likely launch much later in the year with October being the most reliable date.

The October launch date of iPad mini 2 and iPad 5 makes sense because the current generations were also announced in the same month last year and will follow Apple's cycle of releasing newer version of product around the year mark.

The iPad mini 2 will reportedly have similiar specs to the current model but it will boast a new A7 processor and a screen that could be better than the retina display currently rumored to be featured, according to The International Business Times.

The screen display for the device may be powered with Sharp's IGZO (indium gallium zinc oxide) technology to reduce the thickness while increasing the pixel density over the current-generation model.

Apple is hoping that the iPad Mini 2 will be more popular than the first generation device which debuted with much shorter lines than other launches by the company, according to Reuters

The current iPad Mini has a 7.9 inch display in comparison to the original iPad with a 9.7-inch screen. The device is powered by Apple's dual-core A5 chip. It also features a 10-hour battery life, a FaceTime HD camera, a powerful A5 chip and an iSight camera with 1080 pixels HD video recording. 

Besides the difference in size, the iPad Mini can do everything a full-sized iPad can do. It still runs on iOS 6, Apple's latest mobile operating system, and is compatible with the new Lightning dock connector.

The iPad Mini 2 is rumored to be priced similar to the current model.

For the Wi-Fi-only iPad Mini, Apple sells 16GB models for $329, 32GB for $429 and 64GB for $529. For iPad Minis that work on both Wi-Fi and cellular frequencies, Apple sells those models separately at $459 for 16GB, $559 for 32GB, and $659 for 64GB.