The rumored iPhone 5SE, the 4-inch smartphone variant Apple is said to be working on, is reportedly headed to stores in the third week of March. Sources reveal that the Cupertino-based company could unveil the new iPhone by March 14 or 15, 9 to 5 Mac reported.

The 5SE is set to replace the iPhone 5S, an old product line that Apple has maintained for consumers who want a small mobile device. Apple's latest flagship phone has a 4.7-inch display.

The 5SE, which many came to call the mini-iPhone, will be closer to the 5S in terms of design but has a less flashy look. It only follows the iPhone 6S aesthetics with its slightly softer edges. Its internals, however, are a different story. Apple is expected to burnish the spec credentials of this new model, possibly with an A9 chip and improved camera, along with technologies that would allow the device to support Apple Pay.

The event launching the iPhone 5SE could also include the unveiling of the new iPad Air 3. This product did not see an update in 2015, which most observers find strange since Apple updates its devices annually, according to Pocket Lint. There is an expectation that Apple will be refreshing the iPad Air with features such as a new design schematic, rear camera flash and Pencil capability, among others. This is highlighted by the fact that iPad sales sank almost a quarter in the past year, the Daily Mail noted. Observers believe that Apple is betting on the revamp to convince consumers to buy.

It is claimed that the two devices will go on sale two or three days after their launch, leaving very little room for pre-orders. Rumors about pricing are still sketchy, but the iPhone is expected to fetch the same price as the 5S.