Google’s much anticipated I/O conference kicks off in just five days, and among the many speculations about the devices that we may see unveiled at the event, new proposals are focusing on the likely introduction of a second-generation Nexus 7 tablet.

While the rumor of another Nexus 7 tablet releasing has circled for a while, a recent report from KGI Securities analyst Ming-Chi Kuo suggests that a Nexus 7 device with updated specs and an affordable price tag.

According to Kuo, the new-and-improved Nexus 7 will likely be made by Asus, the manufacture that brought us the original Nexus 7. The device is expected to sport a 7-inch 1920 x 1200 LTPS display, a quad-core Qualcomm Snapdragon S4 Pro processor, a 5-megapixel camera and HD front-facing camera as well as a 4,000mAh battery with Qi wireless charging support. In addition to Wi-Fi, Bluetooth and NFC capabilities, Kuo also projects that the new Nexus 7 will run the rumored Android 4.3 Jelly Bean operating system.

The currently released Nexus 7 was notably unveiled alongside the Android 4.1 Jelly Bean operating system at last year’s Google I/O conference, and was also one of the first devices to ship with the OS. With an updated Nexus 7 now set to debut, it is likely that we will see it unveiled with a new Android system.

For months rumors about the next Android system circled around Android 5.0 Key Lime Pie; however, recently discovered server logs indicate that Google is testing an OS that will continue the Jelly Bean line as Android 4.3. While we don’t expect any confirmations until the I/O conference, which takes place from May 15 to May 17 in San Francisco, Calif., enthusiasts have come to accept Android 4.3 as the actual upcoming operating system.

In addition to the Nexus 7, rumors have also suggested we may see Google unveil the rumored Nexus 5 smartphone at the I/O conference. Luckily, that would not lessen the chance of seeing a new Nexus 7 tablet unveiled. The Nexus 10 tablet was also unveiled at last year’s Google I/O. As the Nexus 10 released a few months before the Nexus 7, it was the first device to ship with Android 4.1.

It seems as if Google wants to piggy back off of the success of the original Nexus 7. The device has not only been well received but has been hailed as the ‘best tablet’ and ‘best gadget’ of 2013 by several publications and organizations including T3 magazine and the Mobile World Congress.

Specs on the original Nexus 7 include a 7-inch 1280 x 800 LCD display, a quad-core NVIDIA Tegra 3 processor, a 1.2 megapixel front-facing camera and a 4,325 mAh battery. The device originally sold for $199.

Google is expected to take a $5 to $10 loss on the new Nexus 7 as it is expected to have the same price tag despite its updated specs. Kuo says we should see the tablet release in June or July with approximately 5 million units shopping in the second half of the year.

More recent rumors suggest that the new Nexus 7 could feature the Qualcomm Snapdragon 800 processor, the quad-core behemoth that is even more powerful that its Snapdragon 600 sibling. In addition, new reports suggest the Nexus 7 will include low power usage, LTE support, USB 3.0 support, QuickCharge 2.0 capability allow for full charges in three hours instead of seven, improved battery life and gameplay support.

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