With two generations of the iPad Mini available on the market, Apple may be releasing another edition of the device prior to the start of the holiday season. In 2013, Apple released iPad Mini 2 in October and rumor has it that a third generation of the iPad Mini is likely to be launched October 2014.

According to Ming Chi Kuo, an analyst with KGI Securities, the iPad Mini 3 may possibly be released together with the iPhone 6.

Meanwhile, there is speculation that the iPad Mini 3 may have a different name at the time of its release, much like the iPad Mini 2, which was called the iPad Mini with Retina Display at one point. According to rumors, the new iPad Mini would be called the iPad Mini Air, following the naming pattern that Apple has used for its other devices.

Sources say that the new iPad Mini will sport the new TouchID fingerprint recognition feature, which will be incorporated into the iPhone 6 and is already present in the iPhone 5S. As the iPhone 6 will be coming with the latest A8 processor chip and the most recent iOS 8, it is also likely that the iPad Mini 3 will also be available with these features.

However, it is not known whether Apple will upgrade the upcoming iPhone Mini 3's screen size as well as the resolution, or retain a 7.9-inch display and 2048 x 1536 resolution. It is very likely that Apple will opt for a bigger screen for the third generation iPad Mini with a view to allure its customers to upgrade.

In addition, the iPad Mini 3 is likely to be available in four variants - 16GB, 32GB, 64GB and 128GB. While the price of the third generation iPad Mini will depend on its specs, currently the 16GB variant of iPad Mini 2 is retailed at $420. Thus, the iPad Mini 3 will possibly be more expensive owing to the latest chipset and any other features it will include.