Apple is set to unveil its latest lineup of smartphones and tablets during its upcoming event at the Cupertino campus on Monday, March 21. One of these new products could be the much-awaited 9.7-inch iPad, which is considered to be the successor to the iPad Air 2 that is still available today.

According to a report by tech website 9to5Mac, the latest version of the popular Apple tablet will not only share the iPad Pro's name, but it will have similar features as well.

The 9.7-inch iPad will be available for $599 for a standard 32 GB device with Wi-Fi-only configuration. Versions of the tablet PC with larger storage space (up to 128 GB) and LTE connectivity will also be made available.

The smaller iPad Pro may be a bit more expensive compared to the iPad Air 2, but its larger storage space more than makes up for the higher price tag. A 9.4-inch iPad Air 2 with 16 GB of storage costs about $499, while the 9.7-inch iPad Pro with 32 GB of storage costs about $599.

The report said that Apple does not have any plans to have the smaller iPad Pro replace its current line of iPad Air 2 tablets. The iPad Air 2 will continue to be offered to customers using its regular price.

Apple product resellers are already running out of the original iPad Air tablets, which could mean that the model will no longer be manufactured by the company.

Meanwhile, the recently launched 12.9-inch iPad Pro as well as the iPad mini 4 will not have any updates at the March 21 Apple event.

Some of the features on new the 9.7-inch iPad Pro include a smaller Smart Keyboard cover attachment that can be affixed to the device using its Smart Connector and quad stereo speakers. It will also have a 12-megapixel camera capable of recording 4K videos.