Apple isn't introducing an iPad Air 3 at it's yet-to-be-confirmed March event.
According to 9to5Mac, Apple will unveil a 9.7-inch iPad, but it'll be branded as iPad Pro rather than iPad Air 3. Sort of how the MacBook Pro line comes in 13-inch and 15-inch sizes, the iPad Pro line will come in 9.7-inch and 12.9-inch sizes. Rumours have claimed the iPad will feature four speakers, Apple Pencil support, the same processor, and the same amount of RAM as the iPad Pro.
It therefore makes sense that this next iPad would fall under the iPad Pro line. Also, Apple ditched the "Air" name when it launched the 12-inch MacBook, even though that machined seemed like a direct successor to the MacBook Air. So, maybe Apple just wants to do away with the Air moniker altogether for its devices. Either way, expect a 9.7-inch iPad Pro to debut on 15 March.
The tablet will supposedly begin shipping as soon as 18 March and might even work with a smaller version of Apple's Smart Keyboard cover attachment that debuted alongside the 12.9-inch iPad. If so, the cover will be ready for March.
The 9.7-inch iPad Pro should be available in the same colours and storage capacities as the larger iPad Pro, but the new device will be closer in price to the existing iPad Air 2 that starts at $799 and goes all the way up to $1,079.