iPad mini 2 rear shell (WeiPhone 001)

If a new report from a fairly accurate source is to be believed, Apple could be gearing up to launch next-generation iPads as early as next month, with both a fifth-generation 9.7-inch model and a second-generation 7.9-inch iPad mini apparently being considered for April, and each rocking Apple’s high-resolution Retina display.

As for the iPhone 5S – a seventh-generation iPhone and a specs upgrade over the current iPhone 5 – Apple is looking to release this phone in late-summer, approximately around August…

That’s at least what Rene Ritchie of iMore has learned from his sources. The Retina upgrade for the iPad mini 2 might not be a done deal as Apple ostensibly won’t force Retina until the device meets its standards performance and cost-wise:

Apple is not going to release iPads that costs more or don’t get as good battery life as the current models. So, if the next iPad mini does end up getting slated for April, it could be a spec bump, or have something other than Retina as a differentiator.

You will recall that adding a Retina display to the iPad 3 led to problems with overheating and sub-par performance in games and graphics-intensive apps so Apple would be clever to launch a Retina iPad mini only when it’s truly ready.

“Retina for the iPad mini, however, still doesn’t sound imminent,” Rene agrees.

Perhaps, and I’m only guessing here, Apple plans to release both iPad mini 2 with Retina display alongside an improved iPad mini with a non-Retina display?

The iPad 5 – based on the leaked sleeves and cases, back shell, chassis and other hints – is likely to adopt an iPad mini-like design with a thinner display assembly, featuring a slimmer appearance with narrower side bezels.

The iPhone 5S, Rene writes, will be mostly a specs upgrade.

Indeed, previous rumors and analysts’ estimates point to the iPhone 5S being a mid-cycle upgrade akin to the iPhone 4S versus iPhone 4. This means the iPhone 5S should retain the current two-tone design while featuring an enhanced CPU/GPU combo (likely a faster A7 chip) and a better camera (we’re hearing a 13-megapixel CMOS with dual LED-flesh).

KGI Securities analyst Ming-Chi Kuo this morning wrote in a note to clients that he believed the improved flash system (which iLounge previously reported on) could use a white or yellow flash based on lighting conditions. He also speculated Apple might add a fingerprint sensor under the Home button.

Topeka Capital Markets analyst Brian White is adamant that Apple will provide the iPhone 5S in a bunch of colors. Furthermore, a report out of Asia yesterday has indicated that the so-called budget iPhone could also feature anodized colorized aluminum back.