Latest rumours claimed that Apple's upcoming tablets, iPad 5 and iPad Mini 2, are on its way and will be launched later this year around September.

This rumour is supported by reports that some sellers and retailers in the Unites States are slashing off prices on previous iPad models.

Last week, giant retailer Walmart now offers current iPad models with up to $30 less and hints the imminent release of iPad 5 and iPad Mini 2.

According to Stabley Times, Walmart offered discounts on the device and is currently running out of stock of various iPad configurations. The combination of slashing prices on a popular product while simultaneously running out of that product is proof saying that a new version will come soon.

Walmart has slashed its retail prices on the entry level iPad mini from $329 down to $299, with higher end iPad mini models also receiving the same thirty dollar price cuts and some of the full size iPad models seeing similar price cuts.

Many Walmart retail stores have begun running out of the higher capacity iPad mini models altogether. Stabley Times cited one Walmart retail employee saying that replacement inventory has been slow to come of late, signifying that he does not expect the depleted stock of the 64 GB mini in particular to be restocked any time soon.

In Australia, prices of previous iPad remain unchanged and are still expensive despite the ongoing rumours of the imminent release date of iPad 5 and iPad Mini 2. The price of previous iPad models remains the same or even more expensive when bought to retailers.

Moreover, it seems that some of the retailers in Australia have a lot of stocks of the device and do not see the need to cut down the price of the popular tablet as long as Apple does not introduce the successors of the device.

According to rumours, iPad Mini 2 is speculated to feature a screen with a resolution of 2048 x 1536. This is almost four times the resolution of the present iPad Mini and is equal to the fourth generation iPad which was released along with the iPad Mini last year. AU Optronics has been rumoured to be making displays for the iPad Mini 2.

Other specs include a more powerful dual core A7 processor and a 7.9 inch screen. It will also feature a 10-hour battery life, a FaceTime HD camera, and an iSight camera with 1080 pixels HD video recording. Apple is also trying to reduce the thickness of the iPad Mini 2 by using the Sharp's IGZO (indium gallium zinc oxide) technology in its screens.

The iPad 5, on the other hand, is rumoured to have no bezels, and the whole form factor has been made sleeker. Horowitz believes this design indicates that Apple will be calling on Sharp's IGZO screen technology. Sharp, however, according to Horowitz, has been struggling, and its ability to deliver components on time will play a key role in the release of the next iPad.