Report: iPad 5 to Sport Thinner Design, Debut in October

It's a new year, and you know what that means — new iPhone and iPad rumors!

Apple news site iLounge today offered up a few details about the upcoming fifth-generation iPad, as well as Apple's new iPhone models. Jeremy Horwitz, iLounge's editor, claims to have seen a model of the so-called iPad 5, and said the device will sport many of the same features seen on the iPad mini.

Specifically, the new iPad will be "a lot smaller than one would guess was possible," he said. When held in portrait orientation, the bezels to the left and right of the 9.7-inch screen will be practically nonexistent. The space above and below the screen will be just big enough to accommodate the camera up top and Home Button down below.

"Beyond that, it's noticeably thinner, as well, which is to say the fifth-generation iPad will be smaller in every dimension than its predecessors," Horwitz said. The report notes that it's actually so much smaller and thinner than the current iPad that Apple is likely working on a full redesign of the interior.

"It wouldn't be a surprise to see the new iPad remain roughly on par with the fourth-generation model in processing capabilities, with the improved screen, dramatically lower size, and reduced weight becoming the key selling points," he added.

As for when the fifth-gen iPad will make its debut, Horwitz said Apple was originally targeting a March launch, but it now appears we'll have to wait until October, possibly because some components are limited at this time.

Meanwhile, Horwitz's sources claim the next-gen iPhone, to be called the iPhone 5S, will look near identical to the iPhone 5, but with a larger rear flash. The iPhone 5S, as well as the much-rumored low-cost iPhone with a plastic shell, will both be released at some point this year.

In addition, the rumored "iPhone Math" phone, which we first heard about earlier this week, is currently in "early prototyping stages," but will not arrive this year.

"It supposedly has a 4.7-inch screen, at least for the time being," Horwitz said. "It might never make it to market, and plenty could change before it does. Consider it Apple's 'just in case / Plan B' hedge against ever-growing Android phone screen sizes."

For more from Angela, follow her on Twitter @amoscaritolo.