Aug 27, 2014 10:49 AM EDT By Russell Westerholm, UniversityHerald Reporter

Apple is preparing to go bigger than ever with their iPad, as the company is reportedly going to release a 12.9-inch tablet in early 2015.

Unnamed sources with familiarity of Apple's plans told Bloomberg News production of the largest iPads to date will begin early in the first quarter of the next fiscal year. From corner to corner, the new iPad will be about three inches larger than the 9.7-inch model.

After the iPhone, the iPad has been Apple's second best source of revenue, but sales of the tablet have fallen in each of the last two quarters. Apple CEO Tim Cook has reportedly been looking for ways to revitalize the iPad line.

Currently on the market is the ultra-thin iPad Air, the retina display iPad and iPad Mini (7.9 inches) and the standard iPad Mini. The most latter being the cheapest on the market at $299, the iPad can range up to $929 for a 128GB Air model with cellular data capabilities.

The tablet market has also gotten a bit more crowded since the iPad first came out and Apple is competing not just with Samsung, but with Microsoft and Amazon as well.

Smartphones with larger screens, dubbed "phablets," may also be hurting iPad sales, Bloomberg reported, hence Apple's larger-than-ever tablet. With Apple reportedly preparing a 5.5-inch iPhone, Apple is coming to within 2.4 inches of their smallest tablet screen size. But other companies have already been producing large smartphones, like Samsung and their Galaxy Note line.

Apple will have new iPads on the market for holiday shopping this year. Sources previously told Bloomberg Apple's suppliers are producing a new 9.7-inch iPad as well as a new iPad Mini. The 12.9-inch model may be hitting the market later to boost post-holiday sales, especially since the 5.5-inch iPhone 6 does not have a clear release date.

It could turn out to be quite fitting for Apple if Cook tries to establish himself with Apple's largest mobile devices coming out side by side.

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