Release date for the iPad Mini 2 and iPad 5 could be fast approaching as reports emerge that Apple is already on to another iOS tablet project that will lead to the production of a 12-inch iPad anytime soon.

According to Apple Insider, this giant iPad edition will be manufactured Quanta Computer, which has made a name as a solid Apple supply player. The Taiwanese firm, the same report said, has previously built iPods and MacBook Airs.

Now it is being lined up to dip its hands on tablet computers and the upsize class at that, added Apple Insider, pointing to Japanese blog MacOtakara as its source.

This report develops as Quanta is allegedly gearing to diversify its operations and gradually move away from manufacturing notebook computers, which have seen significant declines in sales in the past few years, no thanks to the incredible rise of tablet computers.

Yet more significantly, the notion that Apple is into another 'big thing' fuelled speculations that production of its two new iPad releases for 2012 is already in the wrap-up phase and their rollout would take place anytime in October as rumoured.

Numerous reports have alluded to Oct 15 as the likely global preview of the iPad 5 and its little brother, the iPad Mini 2. The actual release should follow in the immediate weeks. Note, however, that nothing is official about these occasions as Apple has yet to issue comments on the subject.

Notwithstanding, rumours continue to fly on the actual make of the two iPads - focusing mainly on their new looks and the fresh capabilities that will add up to the already vaunted iOS tablet reputation.

The iPad 5, for one, is believed to be the recipient of a major makeover, likely to flash a slimmed down and lighter profile on D-Day. It will be a clone of its Mini sibling - borrowing its edge-to-edge screen display that pushes out the bezels as far as possible.

While retaining its 9.7-inch screen size, the bigger iPad is expected to shed weight and girth, likely assuming a more compact structure to attract the same crowd of buyers that made the first iPad Mini a phenomenal hit.

As for the iPad Mini, Apple watchers don't expect the outside look to change much though inner component upgrades are given like faster processor and generous amounts of RAM compared to the first edition.

The two iPads are also anticipated to beam out rich images and top-quality clips in high-resolution Retina display panel, which is a first for the Mini 2. Also, the two slates will definitely run on iOS 7, providing a fresh dose of user interface plus the flood of killer features automatically packed with the reengineered mobile platform.

As mentioned, Apple is hosting a media event on Oct 15, in which the iPad 5 and iPad Mini 2 should get the grand preview treatment prior to their much-awaited release date.