If the anonymous sources from China prove to be right, the next-gen low-cost iPad will launch later this year with a design closely based on the third-generation iPad Air that was introduced back in 2019. The highlights will include the same 10.2-inch screen size, but lower weight and a thinner chassis.
https://www.notebookcheck.net/Upcoming-low-cost-iPad-will-have-a-design-based-on-the-third-generation-iPad-Air.513911.0.html
I hope they'll use a laminated display (like on the Air 2/3 but not the current budget iPads). Once you use one there's no unseeing the air gap of the unlaminated displays. Maybe it could slot in between the cheapest iPad ($300) and the Air 4 ($600). Apple seems to like filling every possible price point.