Rumors about Asus-built Google Nexus tablet have surfaced online several times this year. The reason behind the popularity of Google branded tablet is the rumored $199 price tag and inclusion of powerful processor with cutting edge software. Both Google and Asus stayed tight-lipped on possibility of such a tablet. However, the tech giant can no longer deny the rumors as the device has been spotted in server logs running next generation android operating system.

Folks at Android Police found the device while patrolling traffic on their servers. The Rightware Power Board system lists the device as "Nexus 7" featuring 7-inch display with a resolution of 1280 X 768 pixels. Codenamed as "grouper", the Nexus 7 tablet runs Android 4.1, which apparently is the long-rumored Jelly Bean operating system. The tablet boasts quad-core Tegra 3 processor clocked at 1.3 GHz and Nvidia ULP GeForce GPU.

Antonymic to the previous rumors that Android 5.0 is Jelly Bean, the upcoming version of Android operating system has been labeled as Android 4.1 on the 7-inch co-branded slate manufactured by Asus.

The tablet is likely to be priced at $199 and will eventually turn out to be a business killer for entry level tablets like Amazon Kindle Fire, Blackberry Playbook and Barnes & Noble Nook tablet. It is also believed that the quad-core powered $199 Nexus tablet can halt Apple iPad's sales as low-cost pricing strategy has turned out to a great success for tablet manufacturers.

The recent reports indicate that the Asus-made Nexus tablet will be released this summer. Last week, reports came in that the shipping will start in the beginning of June. Folks at TechnoBuffalo claim that Google will unveil the tablet at I/O Conference starting June 27 in San Francisco.