Apple will be launching iPad 3 soon on March 7th according to reliable sources of Apple.Earlier reports also claimed iOS 5.1 along with iPad 3 in March.

iPad 3 was announced on March 2 last year and has been a hit so far.iMore who has a good track record of reports about Apple claims that Apple will be holding iPad 3 event on March 7 at the Yerba Buena Center For The Arts.Jim Dalrymple of The Loop has also confirmed the same with short confirmation “Yep” in his blog.

The new iPad 3 is expected to have 2048×1536 Retina Display,quad-core Apple A6 system-on-a-chip,4G LTE and better camera as compared to iPad2 may be 5 or 8MP rear camera and a FaceTime HD front camera.

We are hearing reports that iPad 2 prices are being slashed.iPad 2 prices has dropped to $429 with original price of iPad 2 being $499 by a Local Retailer Meijer.Users are now getting a discount of $70 on iPad 2 16GB WiFi model and the offer is valid till February 18 as per the official website.The Retailer’s site is also offering discount on iPad 2 accessories like smart covers.

It seems that the Retailer is clearing its stock of iPad 2 before the possible launch of iPad 3.Prices of Apple products do fall before the launch of a new Apple product and it seems that a discount of $70 on iPad2 is one of the best.However,earlier there were reports that there was some supply constraints of WiFi+3G models of iPad 2 as per 9to5Mac-

According to a source familiar with Apple’s product distribution channels, the iPad 2 WiFi + 3G is constrained. Supply shortages span beyond Apple’s own distribution channels, though, as major retailers are reporting “out of stock” status for the 3G iPad 2. This includes, but is likely not limited to, Carphone Warehouse and Orange in the United Kingdom. Carphone Warehouse is reporting shortges of five out of six of their 3G iPad 2 models (everything but the black 64GB unit), and Orange UK is reporting shortages of half of the 3G iPad 2 SKUs: both 32GB models and the white 64GB unit.

Apple has not officially announced the launch of iPad 3.

What are your expectations from the new iPad? Will keep updated on iPad 3 release!