Update: Apple has confirmed the event by issuing press passes today.

According to unnamed sources cited by All Things Digital, Apple plans to unveil its second-generation iPad at a media event on Wednesday, March 2. That's next week, so if the report is accurate you can expect Apple to confirm the gathering and issue invitations soon. As usual, Cupertino has been quiet about the new device, but the rumor mill has conjured up a handful of possible specs.

According to Concord Securities, the iPad 2's display is 30 to 35% thinner with better anti-reflective qualities, but it has the same resolution. Because of the reduced screen thickness and other evolutionary improvements, you can expect the device to be slimmer and lighter. Analysts also expect rear and front-mounted camera, which will be accompanied by Apple's FaceTime video calling software.

A mockup of the iPad 2

Inside, the new iPad is believed to carry a quicker processor and graphics core, more RAM, as well as Qualcomm's multimode WWAN chip with support for GSM and CDMA networks. Overall, the second-gen iPad isn't expected to be a radical leap forward, instead bringing a minor update akin to the iPhone 3GS. Nonetheless, it should be able to hold its own against the near-term competition.