Not to mention if it really is an 8.5" display with the old school chin and forehead, it's going to be noticeably less mini... which actually on the other hand I do wish they stop classifying their glowing rectangles with size adjectives— in that I don't think my iPhone 12 with it's 5.4" display is at all "mini," as I still need to use reachability to pull down the control center without adjusting my grip (just make the thing shorter, the width is perfect)... but I digress.
A larger (even slightly) iPad mini kind of defeats the purpose. In it's current form it slides nicely into inner jacket pockets, works well as a primary navigation device in older cars... all sorts of stuff where the larger iPads would be ungainly. Really hope the report is off and they drop a new Air/iPad Pro style 8.5" iPad instead. Keep the 5 mini around with a lower price, everyone wins.
Edit: and there'd be two sizes of iPad to choose from at each level. iPad, Air, and Pro (assuming they went Air style over Pro).