Apple iphone sales
The new Apple iPhone 6S and 6S Plus are displayed during an Apple media event in San Francisco, California, September 9, 2015 Reuters

Apple has announced the date of its much awaited Spring event, dropping enough hints for industry watchers to conclude that new a iPhone will be unveiled on March 21.

The new iPhone expected to be unveiled on March 21 will be a new 4-inch device that will be called iPhone 5se or just iPhone SE.

The device will be pretty much similar to the iPhone 5s which was launched in 2013. However, it will have updated and advanced features such as the A9 chip, the camera system from the iPhone 6, NFC and Apple Pay support.

Apple will also unveil the new 9.7-inch iPad Pro at the event. The device will be a smaller variation of the 12.9-inch iPad Pro. It will sport features like a Smart Connector, quad-speaker and LED flash for its main camera.

The March 21 Apple event will be held at the company's 1 Infinite Loop campus in Cupertino at 10 am PT/1 pm ET.

Apple will live stream the event on its website and through the Apple TV. Click here to follow the live stream of the event.

There is speculation that Apple will also unveil a series of new Apple Watch models at the event.

There were reports earlier that Apple would conduct the Spring event on March 14.