Google is reportedly gearing up to unleash a new version of its Nexus 7 tablet this summer, as soon as July.

The Google Nexus 7 tablet enjoyed wide success due to its specs and price tag, and its successor will likely bring a notable spec bump.

According to Reuters, "two sources with knowledge of the new product" claim that the second-generation Google Nexus 7 tablet will sport a higher resolution screen, a thinner bezel, and will ditch Nvidia's Tegra 3 silicon for Qualcomm's Snapdragon chip. The move to switch from Nvidia to Qualcomm was allegedly due to power consumption considerations, said the sources. Should this prove to be true, it will deal a serious blow to Nvidia.

Reuters further reports that Google aims to ship a whopping eight million ASUS-made tablets in the second half of 2013, ramping up competition with other tablets in its range, such as Amazon's Kindle Fire and Apple's iPad Mini. The Internet giant has yet to publicly reveal any information, and this is the first time that details have surfaced about the timing and sales targets for Google's second-generation Nexus 7.

Google draws most of its revenue from online advertising, and now the company reportedly aims to continue pricing Nexus tablets aggressively in order to attract more consumers, thus exposing more Nexus users to Google ads.

Google's first tablet debuted last June, as an effort to replicate Google's smartphone success in a highly competitive market currently dominated by the iPad and the Kindle Fire. The Nexus 7 joined other smaller, 7-inch tablets from Amazon and Samsung, among many others.

According to Reuters' sources, the second-generation Nexus 7's pricing is not set yet and "Google's plans are fluid." The Internet giant may set the price point of the new tablet at $199, just as it did for the first-generation tablet it launched last June. The old model, meanwhile, might see some discounts, noted one of the sources. At the same time, the new tablet could see an even more aggressive pricing around $149 and Google may choose to discontinue the previous model, added the source.

Apple is still the market leader, however, and the Cupertino giant will reportedly prepare to launch new iPads this year. Apple's cheapest tablet, the iPad Mini, costs more than $300. Google's aggressive pricing helped its products to become wildly popular among consumers. The LG-made Google Nexus 4 smartphone, for instance, saw such huge demand that it barely stays "in stock." A new Nexus 7 tablet sporting exciting specs bumps and a similarly aggressive price tag could be even more popular, especially as consumers are increasingly shifting toward smaller tablets.