The new iPad Mini or what others refer to as the iPad Mini 3 will hit the shelves as early as the third quarter of 2014, according to rumors.

Christian Today writes that, "iPad Mini 3 release date may come soon as the first generation of iPad Mini received $100 off the price from retailers. Best Buy now offers the 16GB non-Retina iPad Mini for only $199 from its original price of $299. The shop offers both white and space gray variants."

The discount is beneficial for both consumers and big business because with the price drop comes big discounts for those who are looking for a deal. At the same time, retailers can off-load some of their older stocks to make room for the incoming new items.

Additionally, those who are on the fence about buying an iPad Mini know that price drops usually indicate a near release date for a newer model.

Rumored specs of the next-gen iPad Mini include the use of the new iOS 8, Touch ID fingerprint sensor as well as the quick-fire A8 processor.

Gadget analyst Ming-Chi Kuo said the iPad Mini 3 will likely arrive this year.

He rounds up the model's features to retain its slim, aluminum exterior, a redesigned speaker grill, split-screen multitasking as well as a 64-bit processor.

In terms of the release date, typically, Apple launches new products around September or October and releases the products from October to November. However, rumors say the devices may arrive earlier. 

Kdramastars.com notes that the rumored upgrades are quite small and it will be highly possible that the size will remain at 7.9 inches. Apple is pressured to wow the crowds as there has been little upgrades to devices compared to its rival, Samsung.

Many analysts are saying that a 12.9 inch iPad may be possible with the belief that Apple may be looking for more of a multi-productive element to boost its entertainment viability for the younger crowd.

Along with the iPad Mini 3 is the highly-anticipated and buzz-worthy iPhone 6. The new smartphone will get the same internal upgrades and will offer enhanced graphics in two sizes, a 4.7 inch and a 5.5 inch. This will mean Apple may be launching it's very first phablet.

What're your thoughts on the iPad Mini 3 rumors? Are you waiting to get your hands on the new device?