According to the back office chatter, Apple is working on a blown up iPhone display and a shrunken iPad. An insider speaking to The Korea Times asserted Apple is developing iPhone 5 (no surprises here) and engineering a smaller version of its 9.7-inch iPad. According to the IDG news service which translated the original article from Korean, a smaller iPad – referred to as the iPad mini – will sport a 7.35-inch display.

The unnamed executive cited by the Korea Times article called for a four-inch iPhone 5 (not unheard-of) with the same 960-by-640 Retina Display pixel resolution. The last bit would certainly prove a welcome news for app developers who needn’t cope with another fragmented platform.

As always…