Analyst Patrick Wang of Evercore Partners said this week that a 12-inch iPad will be released sometime next fall.

Apple is targeting a "hybrid" device that they want to "bridge the gap" between notebooks and tablets, according to MacRumors.com.

The iPad is supposedly being designed to "revolutionize notebook PCs" as Apple wants to focus more on the business market with its next tablet.

Wang said the new device will likely be powered by an A8 processor, which will debut with the device once released during fall 2014, according to MacRumors.com.

"Arriving in fall '14, Apple goes Enterprise with an 12" iPad. Powered by the A8 chip (perhaps 4C), this expands ARM's reach and, once again, transforms the traditional notebook market as we know it," said Wang, according to MacRumors.com.

The Evercore analyst said he believes the tablet will be able to hold its own against other tablets released by Microsoft.

The new iPad could be bad news for Intel as well, as it would mean "greater competition in pricing between computer chip manufacturers" according to MacRumors.com.

Chipset costs for the MacBook Air costs approximately 22 percent of its materials' cost, whereas the iPad chip makes up just 4 percent of its production costs.

The current iPad tops 128 GB, which would likely increase for a 12-inch device.

Make sure to check back once more information is released regarding a new iPad.

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