Some are speculating that Apple might release a 128GB iPad model this year.

As previously reported, a complete redesign is expected to grace the iPad 5, which is expected to be launched in October. A report from iLounge claims to have seen a “supposedly accurate” model of the iPad 5, saying it will be smaller than past (non-mini) models.

Separately, developers have discovered a reference in to 128GB iOS devices in the code in a beta of iOS 6.1. 9to5Mac reports:

Following the latest beta release of the upcoming iOS 6.1 iPhone, iPad, and iPod touch operating system, developers have begun tearing away at the software to see what secrets it may hold about the future of Apple’s devices. @iNeal made the discovery that iOS 6.1 beta 5 holds a reference to compatibility with 128GB iOS devices. Jeff Benjamin dug up the code that @iNeal is referring to, and he has provided screenshots of the evidence. He notes that iOS 6.0 does not include the “128″ system partition code.

Update: We understand that this 128GB code is also found in iOS 6.1 beta 3, which was released in early December.

Still, this may not mean that we’ll be seeing the 128GB model this year. ZDNet’s Adrian Kingsley-Hughes is particularly skeptical.

Apple released iOS 6.1 today for iPads, iPhones and iPod Touches, bringing LTE capabilities to more carriers.