The new model - which would be a singular addition to the existing iPad 4 range which features Retina display technology - is being readied for release, according to sources speaking to 9to5Mac.
It is suggested that the new model will be a “premium SKU” (stock-keeping unity) that will stand next to the existing 16GB, 32GB and 64GB models of the device and will be the “Ultimate” model in the fourth generation range.
Speculation has been fuelled by the discovery of a section of code in the recently launched iOS 6.1 which refers to the system’s compatibility with 128GB iOS devices. The newly released iTunes 11 also makes reference to 128GB devices, providing further backing to claims that a new larger-storage model release may be imminent.
According to 9to5Mac, a leading US retailer already has the new device in its stock listings, although no pricing has yet been revealed.
It is thought that the new model will be available in Wi-Fi only and WiFi plus cellular versions, and Apple will offer the signature black and white colour options for the device.