Apple's iPad 5 and iPad Mini 2 release date has been set for September this year and the new iOS 7 tablet rollout is packed with vast improvements like Retina display panel and a faster A7 computing chip, a new report said.

According to MobiLeaks.nl, the second-gen iPad Mini is virtually of the same make as that of the original version though the slight redesign will leave the small tablet will less bezel while maintaining the 7.9-inch screen size.

The most notable spec jump is the inclusion of Retina, the same report, giving users an immersive Mini 2 resolution of 2048 x 1536 with a pixel density of 324ppi.

While earlier reports have suggested that Retina on the iPad Mini 2 will lead to a heftier make, the device is estimated to gain thickness of only 7.5mm from its predecessor's 7.2mm, still keeping the overall compact profile that made the first Mini an instant bestseller.

Apple will reportedly retail the iPad Mini 2 in 16GB, 32GB and 64GB storage configurations without memory expansion slot plus a camera mix of 8MP on the main and 2MP for the secondary snapper.

Powering the slab is a leaner iOS 7, which likely will draw its might from a powerhouse A6X chip. There is a possibility, however, that Apple will bump up the CPU muscle of the Mini 2 in time for its Q3 2013 issuance, giving the device an A7 chip instead, MobiLeaks said.

There is no mention of definite price range for the new tablet but analysts are convinced that the Mini 2 will simply carry over the first Mini's starting price of $US329.

The Mini 2 has been the subject of intense speculations, foremost of which is the likelihood that Apple will skip on Retina for the second serving to avoid further delays on release date and to keep the price tag at the current level or even push it down.

Numerous experts, however, believed that Apple is compelled to deliver Retina this year plus a host of other specs upgrade to mitigate the pressures coming from Android rivals like the Nexus 7 2 and Galaxy Note 8.0.

The small tablets, coming from Google and Samsung respectively, are rolling out in the months ahead and seen as the iPad Mini 2's chief competitors.