According to The Verge and 9to5Mac, Apple is developing both an enhanced A5 processor and a completely new quad-core A6 chip for the upcoming iPad 3. There have been many rumors and speculations in the media on whether Apple is enhancing the A5 processor for the iPad 3 or developing a completely new chip – the A6. There has even been a supposedly leaked photo of the A5X, the alleged name of the revamped A5.

The iOS 5.1 beta code contains references to two new processors, the S5L8945X and the S5L8950X. The iPad’s original A4 chip was called S5L8930X and the A5 chip in the iPad 2 was called S5L8940X, indicating that the S5L8945X is an updated version of the A5 processor and that the S5L8950X stands for the A6.

The question now is why would Apple be developing two processors? 9to5Mac has come up with a few plausible ideas. For once, developing two chips simultaneously would allow Apple to see which would be a better fit for the new iPad. Second, the quad-core A6 is supposed to be for the iPad 3, but there are also rumors of a new Apple TV product, the iPhone 5 or another iOS device, all of which could use the A5X chip. Lastly, the A5X processor could also be used for the rumored 8-inch iPad.

Still, as 9to5Mac’s Mark Gurman says, these explanations are “purely speculative”, as are, at least for now, all rumors revolving around Apple. Until something official is announced, all we have is rumors and speculations.