Apple will formally unveil its next-generation iPad 3 media tablet on March 7, 2012, according to an invitation that the company sent to media on Tuesday. Retailers today also slashed pricing of the iPad 2 in anticipation of a new product launch to clear out their stocks.

“We have something that you really have to see. And touch,” a statement in Apple’s invitation reads. The formal presentation will take place Yerba Buena Center for the Arts Theater in San Francisco, California.

It is generally expected that Apple iPad 3 will have a 9.7" screen with 2048*1536 resolution, new system-on-chip with improved performance, optional 4G/LTE connectivity and other advantages over the current model.

According to some evidences, the iPad 3 will be powered by Apple A5X system-on-chip with two ARM Cortex-A9 general-purpose cores, which is expected to be made using thinner process technology (28nm or 32nm) and have considerably improved PowerVR graphics sub-system to support 2048*1536 resolution with proper 3D graphics and high-definition video playback acceleration. Perhaps, Apple will also boost clock-speed of the A5X to improve responsiveness of the device.

Apple never comments on future devices and keeps everything secret ahead of product launches. It is expected that the iPad 3 will be released commercially in March, 2012.

Tags: Apple, iPad, ARM, PowerVR, Cortex