This rumour comes from Taiwan's Economic Daily News, but we're not convinced that Apple will decide to use this name. It seems like a bit of a mouthful to us.
The reason for Economic Daily News's theory that the iPad mini 3 will be the iPad mini Air is because it believes the device will be 30 per cent thinner than the current Retina iPad mini. However, that would make the new iPad mini just 5.25mm thick, which seems unlikely to us.
One possibility that seems more likely is that Apple will introduce a third colour of iPad mini, a gold to match the iPhone 5s, iPhone 6 and iPhone 6 Plus.
iPad mini 3 rumours: Specs & new features
There's not much to say so far about the iPad mini 3's specs and new features. It's thought that the new iPad mini will probably have a Touch ID fingerprint sensor like the one found on the iPhone 5s. It's also likely that the iPad mini 3 will have a new, more powerful A8 processor.
According to Ming-Chi Kuo, the iPad mini 3 will gain an 8Mp iSight camera, too. Read: Apple iPad Mini vs Google Nexus 7 tablet comparison review.
That's a small change and it's likely that Apple will stick with the same 7.9in display with a 2048x1536 resolution that the iPad mini 2 offers. Apple will have to differentiate the new model to tempt users to upgrade.
The iPad mini 2 is currently available in 16-, 32-, 64- and 128GB storage options and this is likely to continue with the iPad mini 3. Will Apple add a microSD card slot? Unlikely.
At the moment it seems like the iPad mini 3 will only bring small changes and upgrades but we'll keep you up to date over the coming weeks and months.
iPad mini 3 rumours: Leaked images
There are several allegedly leaked images showing the iPad mini 3, as well as concept images and mockups made by talented designers.
The first leaked photo was sent to French blog NoWhereElse.fr, showing what appears to be a prototype iPad mini 3 with a Touch ID home button (above).
A second photo, this one from Taiwanese site apple.club.tw shows prototypes of the iPhone 6, iPad 6 and iPad mini 3, each sporting a Touch ID fingerprint sensor.
The next images are truly stunning, showing a 3D mockup of what the iPad mini 3 could look like. They've been created by the popular designer Martin Hajek. You can see more of his work here.
Sign up for Computerworld eNewsletters.