Apart from increased storage, the new model will be the same as the current, fourth generation iPad, which was released in October last year.
Apple will release the new model on Monday, February 5, with the WiFi only version selling for £639 and the WiFi and 4G version selling for £739.
The storage boost brings Apple’s top-of-the-range iPad into line with Microsoft’s forthcoming Surface Pro tablet and ahead of most other competing tablets.
“With more than 120 million iPads sold, it’s clear that customers around the world love their iPads, and everyday they are finding more great reasons to work, learn and play on their iPads rather than their old PCs,” said Philip Schiller, Apple’s marketing chief.
Apple has typically released new iPads in March but today’s announcement, coupled with the fact that Apple released the iPad mini and the fourth generation iPad in October last year, suggests that there won’t be a new iPad this spring.