Apple's next iPad may be only a couple months away. A new report suggests that the company will release the iPad 3 in March. This new tablet will sport a high-def screen and a faster processor.

Bloomberg, citing three sources "familiar with the product," says that Apple's manufacturing partners in Asia began mass production of the iPad 3 this month. Factories have been running 24 hours a day in China. They expect to have full volumes by February.

The report stats that the iPad 3 will have a quad-core chip, enabling users to switch between applications at a quicker rate. The higher level graphics processing will enable videos to start playing almost instantly. Videos and images alike will look better due to its HD display, said to have more pixels on screen than some televisions. Images will be close to print quality.

The iPad 3 is also said to be compatible with a new wireless standard called LTE, or long-term evolution. LTE will be introduced on the iPad before the iPhone because the tablet has a larger battery. This battery makes the iPad better able to meet the power requirements for this technology.

The first iPad was released in 2010. Since then the tablet market has become much more competitive, with companies like Amazon and Samsung offering their own alternatives. As the company that popularized tablets, there's going to be a lot of pressure on Apple to impress.

Apple declined to comment on Bloomberg's report. In order to get official confirmation, I guess we'll just have to wait for a company engineer to get drunk and lose one.

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