Both will feature 4G connectivity.
Japanese news publication Nikkei Business is reporting that Apple is currently planning to release iPhone 5 and iPad 3 staring from Summer next year.
According to the report, Apple CEO Tim Cook met with NTT DoCoMo to work out on the details and launch arrangements. The iPad 3 will reportedly release in Summer, while the iPhone 5 will release in Fall.
The report also states that both of the devices will feature 4G connectivity.
There is no word on exact release dates, however, or the pricing on the devices (although, traditionally it may be the same as the current iPhone and iPad prices). NTT DoCoMo has yet to comment.