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A neon Google sign is seen in the foyer of Google's new Canadian engineering headquarters in Kitchener-Waterloo, Ontario, Jan. 14, 2016. REUTERS/Peter Power

Rumors have it that Google is working on a new 7-inch Nexus tablet. Fresh speculations indicate that the alleged tablet will be announced at the upcoming Google I/O 2016 event that will be held later this month.

The Google I/O event will be held from May 18 to 22. Speculations are rife that Google may unveil the Nexus 7 (2016) tablet on the first day of the event. The search engine giant is usually known to unleash its new Nexus devices during fall. However, since the market has become more competitive, more companies are making efforts to release their devices earlier than their usual timeframe.

As of this writing, there is no accurate information as to how many Nexus devices will be released this year. Speculations suggest that Google is working with HTC to release new Nexus smartphones that are codenamed as M1 (Marlin) and S1 (Sailfish). Also, the Nexus 7 is expected to be a Huawei tablet and it may roll out with a Nexus 7P moniker.

Recently, the listing of Nexus 9 tablet from 2014 was removed from Google Store. Since then, the rumor mill has been claiming that the search engine giant may unleash a new 7-inch tablet soon.

As far as Nexus 7P specifications and features are concerned, speculations suggest that it will be powered by Snapdragon 820 chipset and 4GB of RAM. Its 7-inch screen may support Quad HD resolution. It is likely to carry support for up to 2TB of microSD storage.

Since the Nexus 7P tablet will arrive with Android N on board that will carry support for 3D Touch-like feature on iPhones, the Nexus 7P is expected to arrive with a pressure-sensitive display. Other rumors indicate that the tablet may be powered by Nvidia Tegra X1 processor.