Apple iPad is the crowned king of tablet market, followed by Android tablets. However, Google wants to change the game by snatching the spotlight from Apple, with its Nexus tablet that could be priced at $199 or even lower.

In an interview with New York Times, Nvidia CEO Jen-Hsun Huang confirmed that the firm is working on cutting the prices of its Nvidia Tegra 3 processor chip. As a result, Tegra 3 powered android tablets are likely to be priced much lower than expected. Jen-Hsun Huang also indicated that in summer, Android tablet could cost as little as $199.

"We took out $150 in build materials, things like expensive memory. At $199, you can just about buy a tablet at a 7-Eleven." he said.

Nvidia Tegra 3 is currently found in Asus Transformer Prime tablet. Android phones with quad-core Tegra 3 chip like HTC One X and LG Optimus 4X are also coming to the market soon. Meanwhile, Google Nexus tablet will not be the first quad-core android device. But it will be priced much lower than these phones and tablets.

The new tablet is likely to be price between $149-199. It is believed that Google Nexus tablet will be the biggest threat to Apple's new iPad. The third generation iPad starts at $499. Despite being much rumored, the new iPad does not feature the quad-core A6 processor chip. On the other hand, Google Nexus tablet, despite being priced below $199 (or at least $300 cheaper) will boast of quad-core Tegra 3 processor.

The Google Nexus tablet might not have a marvelous Retina display, but the $300 price gap means a lot. Even in U.S., the prohibitive price of iPad still makes it unreachable for many people. And after the whopping sales of $199 Amazon Kindle Fire, the fact has become even clearer that people want affordable tablets.

Google's Nexus tablet, which is rumored to feature a 7-inch display, will surely spread like a wildfire as it is going to be a performance devil available at a budget price. Google might sell this tablet through its own online store, to keep the prices as low as possible by removing middlemen from the way.

(reported by Johnny Wills, edited by Surojit Chatterjee)