SAN FRANCISCO, USA: Apple will introduce its latest iPad 3 here next month, media reports said Thursday.

The next generation iPad will have faster chips and better graphics, Xinhua reported quoting the technology news site AllThingsD. It did not say when it will hit stores. The event will be held in San Francisco, likely at the Yerba Buena Center for the Arts, which is Apple's preferred site for product launches, the website said.

The new tablet, which will probably be named iPad 3, will feature a Retina Display or something close to it. The iPhone 4 and iPhone 4S have Retina Display.

As the human eye can only see around 300 pixels per inch, the screen of these smartphones have 326 pixels per inch, making texts and images look more similar to a high quality printed version.

Apple has typically introduced the latest versions of its iPad in the first few months of the year. The current iPad 2 was introduced on March 2, 2011. The original iPad was introduced at the end of January 2010

It expected the device to follow the same schedule as that of the iPad 2, which was available for purchase about a week after the event. Apple has declined to comment on the timing of the event.

(Inputs from Reuters)