We’ve heard that your current iPad 2 Smart Covers will work with the iPad 3, but apparently, Apple might be coming out with an all new Smart Cover designed to protect both the front and the back of the new iPad.

According to iLounge, who attributed the rumor to a “repeatedly reliable source,” the case will look similar to the  Incase Magazine Jacket, which is a slim-fit case with a fiberglass back shell and a flexible, foldable cover.

The Incase Magazine Jacket is an attractive case, and if that’s the design that Apple’s going with for the iPad 3, it could prove to be even more popular than the company’s original Smart Covers.

Apple’s current Smart Cover, which was released alongside the iPad 2 last March, features a total of 21 magnets that attach it to the iPad 2. These same magnets also allow the cover to turn the tablet off and on when it is opened.

Apple claims that the iPad 2 was created with the Smart Cover in mind, so has the iPad 3 been designed around this new case? At this point, there’s no word on whether the new case will have backwards compatibility with the iPad 2 (unlikely, if the edges are indeed as tapered as they appear to be in photos of iPad 3 pieces), but Apple could design a second version for the iPad 2 as well.

Apple’s iPad 3 and potential new Smart Cover will be announced this Wednesday, March 7th, at 10AM. Make sure to tune in to PadGadget for all the latest news on the even