Actually I'm going to go against the majority here and say yes. More than that, it actually make a lot of sense.
If Apple are going to put out a retina iPad Mini they need to solve three linked problems: screen, processing power and battery. Looking at the leaked iPad cases it seems like they've figured out how to make a retina display thin enough (and, presumably, within acceptable power limits) to shrink the depth of the case down. There hasn't been a big jump in battery tech, though the iPhone 5S seems to suggest there may be a slight jump in power for roughly the same size battery. That leaves the SoC.
I've never been convinced the A6X is a practical solution for the iPad Mini. It's a big (and, therefore, expensive) chip that's going to need a fair bit of power and, more importantly, create a decent chunk of heat. Both the A5X and A6X are, in some ways, compromise designs to provide enough graphics power for that retina display. CPU power is broadly in line with the non-X versions, though it's usually clocked a bit higher.
From the few details we have at this point A7 seems to solve the GPU problem. Whether that's down to a new part or increased cores from the A7 remains to be seen but we do have that 'up to 2x faster' claim to work with. Looking at some theoretical numbers the iPhone 5 could hit 28.8 GFLOPS @ 300Mhz, the iPad 3 38.4 and the iPad 4 76.8. If that 2x is anywhere near accurate the A7 would be just about slap bang in between the two and with a nice CPU boost to go with it. Not as quick as the A6X but good enough to get decent performance levels and it's not too big a jump to suggest that Apple may be able to squeeze a bit more from the A7 in the iPad Mini chassis to help make up the difference.
That's the technical side, now look at the product positioning. Let's skip over the low end for a moment as there's a few ways that could go (for arguments sake let's say a non-retina Mini sticks around). The iPad Mini gets a retina display,the A7 SoC, 64 bit compatibility and, of course, "the same great battery life". The iPad gets the A7X for the best possible performance (it'd presumably have more battery power to spare with the larger chassis), a brand new design and probably a push more towards content creation / pro levels. In fact I wouldn't be shocked if we saw an iPad Pro in the not too distant future.
Apple bring costs down on the retina Mini by avoiding the need to build a potentially costly A6X and helps solve the battery problem at the same time. There's a nice clear marketing distinction between the Mini and the iPad. The whole line shifts to 64bit which can only help drive app changes and seemed to be something Apple were already pushing in the iPhone event (desktop-class architecture etc). They also end up with a very clear product line - iPad Mini, iPad Mini Retina, iPad Retina - that covers a range of price points and also has a consistent design with the traditional iPad design vanishing overnight.
Of course this could all be nonsense but, to me anyway, it'd make a certain amount of sense. Guess we'll see come October...