The new iPad Air 5th Generation will be equipped with the chassis of the iPad Pro 11, which has released in 2021. This particular piece of information has been provided from MacOtakara, which is a Japanese Blog. Additionally, this piece of information is also based on the chain of supply of the device.
The iPad Air 5th Generation and the iPad Pro 11 are very much similar to each other. Both of them have squared-off sides and a Touch ID, fingerprint scanner, which is placed on the side panel of the device. The 5th Generation will bring in two cameras, where the second one will most probably be an ultra-wide sensor. There are chances that there might be a LiDAR sensor present as well. However, there are very few chances for that to happen.
The new iPad Air 5th Generation and the new iPad Mini might bring in several changes in their design.

There will surely be differences between the devices that the company will maintain. The differences lie in the processor chipset of the devices. The iPad Air 5th Generation will continue having the Apple A15 chipset, which will be the same that we will see in the upcoming iPhone 13. The iPad Pro 11 is equipped with a superior and very powerful M1 chipset. The A15 chipset is also powerful and provides 5G connectivity. There are no doubts about the capability of this processor.
This time the display will no longer be an IPS LCD. The new displays are all going to be OLED displays with a small LED panel. The 5th generation of the Air model will also get an upgrade in its audio. Earlier, there were just 2 speakers in the device. Right now, we will find four speakers which will provide a better audio experience.
Just like the iPad Air 5th Generation is acquiring the design of the iPad 11 Pro; similarly, it was also considered that the iPad Mini would also take the design and structure of the iPad Air. However, a blog mentions that the iPad Mini will continue to have its own design, and there will be no massive changes made over there. Ross Young has confirmed that the new iPad Mini will provide an 8.3 inches display. The bezels will be made thinner, and the Home button will no longer be there.
However, the iPad Mini will definitely go through some changes. All of them are minor changes. The processor which was used in the device earlier was the Apple A12 of the 2019 model. It will now be equipped with the Apple A14 chip that is being used by the iPhone 12 series.
It will take a lot of time for the major redesigns to happen on the iPad Mini and the vanilla iPad. It will not arrive in the markets before 2022 or even later. We are not even sure whether the new model that will arrive will be equipped with the Lightning port or the USB Type C port. But there are several sources that hint towards a USB Type C port in the upcoming recent generations.