Now that the Microsoft Surface Pro 3 is being sold at a lower price, does this mean that the gadget's successor is coming soon?

Several trade-in deals have been surfacing for Microsoft's Surface Pro 3. Best Buy will reportedly give a gift card worth at least $50 as well as a $150 coupon when you trade-in your existing tablet to the retailer, CNET wrote. The promotion requires interested consumers to have their tablets in working condition.

International Business Times reported that the new price cuts for Microsoft Surface Pro 3 might reach up to $150. The discounts, however, are only available for those located in the United States and Puerto Rico. The list of the price cuts can also be viewed on Microsoft Store.

All these marked down prices for the Surface Pro 3 led some to believe that the next version of the tablet is about to grace the market soon. Here are the latest updates on the Microsoft Surface Pro 4.

According to BREATHEcast, the Surface Pro 4 is expected to be released in July 2015, but Microsoft is reportedly holding back in launching the new gadget because they are waiting for the right time and opportunity. Tech Radar speculated that the event Microsoft is waiting for is the tech giant's Build Conference, which is scheduled on April 29 - May 1.

As for the features, the Surface Pro 4 is expected to be Windows 10 ready and will be available in two sizes; the 12-inch and the 14-inch choices, with both sizes equipped by a 2160 x 1440 resolution, Cross Map noted. The two size ranges, however, will run on different memory capacities. The 14-inch model might have up to 16 GB RAM and 1 TB of storage.

Venture Capital Post added that the Surface Pro 4 could have Intel's latest Skylake chips, a "revolutionary" spec which results to a faster processing speed and an improved energy efficiency.

According to Venture Capital Post, the Skylake chip was previously leaked on a Chinese-language website, Expreview, which showed slides of the nanochip Skylake-S  in 35W, 65W, and 95W types.

The news outlet noted that "the highest thermal envelope is reportedly reserved for enthusiast-oriented quads that are expected to have unlocked multipliers" and an "enhanced full range BCLK overclocking." Like the multiplier-based tuning, the ability "to adjust with the base clock could possibly be restricted to the high-end Z170 chipset," Venture Capital Post added.

The device is also expected to have a stylus pen, which is rumored to be included in the iPad Pro as well. A choice between the Type Cover keyboard or one with a "sturdier hinge" could be available for users, a separate report from Venture Capital Post wrote. Expert analyzers predicted that the Surface Pro 4 will cost $1,200 to $2,000.

These are all rumors and an official confirmation from Microsoft is yet to be announced.