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A man looks at his Apple iPad in front an Apple logo outside an Apple store in downtown Shanghai March 16, 2012. Reuters/Aly Song

Best Buy, one of the retailer partners of Apple, has slashed the price of the 16 GB iPad Mini 3. Speculations indicate that the retailer giant is trying to clear the stock of unsold iPad Mini 3 units as the release date of its successor model, the iPad Mini 4 draws near.

The Wi-Fi only variant of the 16 GB iPad Mini 3 is now discounted by $100. The new discount brings down the price of the device from its original price of $400 to $300. Best Buy is offering the discounted iPad Mini 3 in three color options such as gold, silver and space gray. The offer will expire on Sept. 7, CNET reported.

Users can avail the 16 GB iPad Mini 3 Wi-Fi only model for $300 either from the retail outlets or online store of Best Buy. Apple is known for announcing its new tablets in October. However, this year, the iPad Mini 4 that will come out to replace the iPad Mini 3 from 2014 is expected to get announced on Sept. 9.

The Apple iPad Mini 4 is expected to release with major improvements. It is rumored to come with specifications and features of the iPad Air 2, MacRumors reported. Some of the anticipated features of the iPad Mini 4 include slim chassis of 6.1 mm thickness, 8 MP iSight camera, 7.9-inch display with anti-reflective coating, A9 or A8X chip, 2 GB of RAM and iOS 9.1 with support for split-screen multitasking.

Apple is holding a launch event at the Bill Graham auditorium in San Francisco, U.S. on Sept. 9 to announce its new flagships smartphones, the iPhone 6S and the iPhone 6S Plus. The Cupertino company is expected to launch two tablets on Sept. 9, the 12.9-inch iPad Pro and the iPad Mini 4, 9 to 5 Mac reported.

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