Whoa it looks like it’s not only iPhone 5 releasing later this year. iMore sheds some more light on the long rumored 7-inch iPad. According to their source, the device would be around 7 inches (no specific measurement given), being priced in the $200-$250 range.

The report claims it wille be identical to the current iPad (besides screen size, obviously), even including a retina display.

According to our sources, the reason for such aggressive pricing is to do to the tablet market what Apple did to the MP3 market in 2004 with the expansion of the iPod product line — leave absolutely no space for competitors.

We haven’t gotten a firm read on the exact screen dimensions, so we’re using 7-inches generically here. Our sources have indicated, however, that the 7-inch iPad will be identical to the current 9.7-inch iPad, just scaled down. That seems to include a 2048×1536 resolution display, just like the new iPad. If accurate, that would put the pixel density at around 326 ppi, the same as the iPhone 4S (and higher than the 264 ppi new iPad) retina display.

It would be interesting to see how Apple is able to keep it at the $200-$250 price point, considering the iPod touch starts at $199 and the iPad will obviously have higher component costs. The 7-inch iPad would reportedly come with only 8GB of storage. Rumors of a 7-inch iPad have been around for a while, but they’ve noticeably increased in the past months. Would you buy a 7-inch iPad?

[via MacRumors]