While consumers of Apple products are waiting for the launch of the rumored iPad Air 3 during the company's event on March 15, the Cupertino-based tech giant will reportedly unveil a smaller iPad Pro instead.

According to a report from 9to5Mac, a 9.7-inch version of Apple's largest tablet will debut during the next company event.

The smaller iPad Pro will reportedly have almost the same specifications and features as its larger counterpart, including the A9X processor. It will also come with support for the Apple Pencil.

The report also mentioned that the upcoming 9.7-inch variant of the iPad Pro will come with RAM upgrades that match those of the 12.9-inch model, as well as a small version of its Smart Keyboard. The device is also reportedly featuring the same quad-stereo speakers and storage capacities.

However, the report did not mention the price of the upcoming tablet.

Independent reported that the reason why Apple chose to drop the "Air" from the name of its next tablet product is to make the naming of their tablet line simpler.

Currently, Apple offers three tablet lines in the market. There is the small tablet line called the iPad Mini, the midsize version called the iPad Air, and the latest and largest product, the iPad Pro. But after the event scheduled in March, Apple will reportedly reduce their product lines to two, just like what they did with the MacBook.

9to5Mac also mentioned that the tech giant has lessened the production of the iPad Mini 2 and first-generation iPad Air models, which coudl mean that these products will soon be discontinued when the smaller iPad Pro comes out in the market.

Aside from the new tablet, Apple Inc. is also expected to launch the 4-inch iPhone 5se and the brand-new Apple Watch band options during the event in March.