There is no stopping of the flood of news reports, when it comes to one of the most cherished gadgets in the world, the Apple iPad. Since its launch in the month of June this year, the device gained incredible levels of popularity, so much so that, Apple Inc, sold one million iPad units in just one month. Now, there are reports coming in that, Apple could very well be working on the final touches for an new iPad, that will sport a considerable smaller screen of 7 inches and will be powered by Cortex-A9 processor.

The all new smaller iPad is believed to have 512 MB of RAM, which is quite similar to the Apple iPhone 4G. This new device will have a smaller screen size, where in the original 9.7 inch touch screen will be replaced with a 7 inch touch screen, that would provide a resolution of 1,024×768, which is the same as that of the current generation iPad. As per the reports, the all new Apple iPad could hit the markets as soon as the first quarter of 2011.

In other related Apple news, the company has now accelerated the CDMA iPhone project, as Pegatron Technology is believed to begin mass production of the CDMA iPhone devices in the month of December this year and the Verizon Wireless is said to be planning to launch the device at the CES 2011.

Via CNet