Apple will hold an event to announce the next versions of its iPads.

At 10 a.m. PT/ 1 p.m. ET, Apple's CEO Tim Cook will unveil a brand-new second-generation iPad mini and a fifth-generation full-size iPad at the Yerba Buena Center for the Arts Theater in San Francisco, Calif., and detail the new features of the tablets.

There have been persistent leaks and rumors for months leading up the tablet's debut.

As revealed all the way back in January, many expect Apple's fifth-generation iPad to adopt a whole new look that more closely resemble the iPad mini. It's expected to be narrower and lighter than the fourth-generation iPad, while still managing to pack in the same high-definition 9.7-inch Retina display.

According to a massive gallery of high-quality photos leaked last month by Sonny Dickson, a mobile and technology news source, the new iPad will be made available in space gray and black in addition to the old silver and white color combinations. The new color scheme is similar to the one introduced to Apple's new iPhone 5s.

Recent leaks also suggest the new iPad mini will be in white and gold. According to ABC News, the iPad may reportedly be equipped with the TouchID fingerprint sensor that's embedded into the iPhone 5s' home button.

Expected to join the larger iPad is a refreshed iPad Mini. Apple is likely to keep the design of the current Mini, but reports suggest it will add a high-resolution Retina 7.9-inch display. In the last few months, Amazon and Google have released similarly sized 7-inch tablets with higher resolution screens than Apple's current iPad Mini.

The pressure is on, as Apple is no longer the leader in a market it inverted in 2010 with the very first iPad. Androids have 50 percent more market share than Apple, according to research and their products are cheaper.