Apple is rumoured to update the iPad Air this spring, with a fifth generation model on the cards. The last generation was released in September 2020, around a month before the iPhone 12. The current model brought forward new design from the iPad Pro lineup, as well as Touch ID on the sleep/wake button for the first time.
A new model is rumoured to launch this spring, with very similar specs to the new iPad mini, which was announced in September 2021. It is supposed to include the A15 Bionic chip, 12MP Ultra Wide front camera along with 5G support for those models. This is according to blog Mac Otakara.
Mac Otakara seems like a reliable source, the site predicated that the current generation would have a USB-C port and that the current 12.9-inch iPad Pro would be 0.5mm thicker to house the new mini-LED display.