Apple may not be entirely done with the iPad Air lineup after all. The third iteration of the tablet might still be in the works, albeit it will be made a budget model instead.

In a research note by the trusted KGI Securities analyst Ming Chi-Kuo, a low cost iPad will be released next year. This model will come with the last-generation A9X processor.

Kuo did not specify that it will be an iPad Air brand, but considering that the size of the display will be 9.7 inches, it is possible that it could be an incarnation of the iPad Air 3.

The third-generation iPad Air was expected to be released last year. Obviously, this did not pan out and Apple came out with the iPad mini 4 and of course the iPad Pro.

Kuo says that the latter will get an upgrade next year in the form of a full-on successor called iPad Pro 2 and an all-new 10.5-inch iPad Pro, which will replace the 9.7-inch from early this year and is expected to be the size to be followed in future iterations.

There are reports that the iPad Air 3 will no longer see the light of day and that Apple has ditched the brand in favor of the iPad Pro.

There are reports that the iPad Air 3 was delayed to March 2017. However, it will certainly be odd if Apple launches a 9.7-inch budget iPad and the said tablet, which share the same display size. That is, of course, these products are just one and the same.

According to Bloomberg, Apple is only preparing iPad upgrades mostly for the iPad Pro and the software side of the tablet such as improved support on the Apple Pencil. The publication made no mention of iPad Air 3.

At the moment, the fate of the Air family remains hazy. It looks like fans will have to just wait and see what Apple has in store.