Bloomberg News is reporting that Apple will launch its next iPad in March, with a high-def screen and faster processor.

Citing "three people familiar with the product," Bloomberg says the tablet will work with fast next-generation wireless networks.

The new iPad is being assembled by Foxconn Technology Group in Asia and mass production started this month, the report says.

The tablet will use a quad-core chip, making the device run faster. iPad 2 runs on a dual-core chip.

iPad 3 will also be compatible with a wireless standard called long- term evolution, or LTE, which is touted by industry experts as the fastest data network yet.

iPad 3's display will also have more pixels, rendering a better resolution, the report says.

Foxconn Technology Group is Apple's main manufacturing partner in Asia.