Found by 9to5mac the SKU is just one of several large hints that have been pointing at Apple launching a new iPad including code found within iTunes 11 which hints at an iPad with much more memory.
The site goes on to point out that this information should be taken with a pinch of salt as Apple has in the past listed configurations that have never actually ended up being released.
The code lists four new models marked as 'PREMIUM' which suggests the 128GB model will not replace the 64GB but instead be added to the range.
With Apple rumoured to be launching the iPad Mini 2 with a Retina Display sometime in the first half of this year it's not yet clear whether Apple will launch a 128GB iPad Mini to go alongside its larger brother.
The idea that Apple would increase its product range is not altogether unfeasible after analysts have predicted that Apple would also be expanding the iPhone range with a new budget iPhone alongside the hotly-anticipated iPhone 6.