The annual Google I/O conference is just five days away and the guessing game on the products to be showcased at the three-day event is still going on.

For a long time, Android 5.0 Key Lime Pie and Motorola X phone were leading the rumors related to the Google I/O. However, suddenly Android 5.0 Key Lime Pie was replaced by another version of Jelly Bean, Android 4.3.

The rumors related to the software launch at the Google I/O focused on only two versions of Android, but when it came to hardware, the list became longer.

The talk started with the Motorola X phone and later shifted to the successor of Nexus 4. The rumors related to Nexus 5 didn't last for long and reports about an all-new version of Nexus 4 making its debut at the Google I/O started filling up space on tech websites.

The Nexus 4, according to reports, will come with more storage capacity than the present one.

The updated version of Nexus 4 is also out, as new reports suggest that Google will be taking the wraps off an updated version of its earlier tablet, Nexus 7.

According to AppleInsider, the ASUS-made tablet will have a big makeover and come with Android 4.3 Jelly Bean running inside.

The report quotes noted analyst Ming-Chi Kuo of KGI Research who says that the new Nexus 7 will be packed with new features, and hardware components of the tablet will also be upgraded.

Kuo, in his research note, stated that the new Nexus 7 will be announced by Google to cash in on the delay of Apple's iPad mini.

The analyst also believes that even after bringing in an improved and advanced processor and camera, Google will restrict the price of the new Nexus 7 tablet to $199 and will lose somewhere between $5 and $10 per unit.

"As for major changes from the current Nexus 7, Kuo sees a switch to Qualcomm's Snapdragon S4 Pro processor, a 7-inch LTPS panel carrying a 1,980-by-1,200 pixel resolution, a 5-megapixel rear facing camera and the inclusion of Texas Instruments' Qi wireless charging," the report states.

Kuo also believes that instead of bringing in Android 5.0 Key Lime Pie, Google will stay with Android 4.x Jelly Bean for now and the Android 4.3 Jelly Bean update will be seen running on the new Nexus 7 with some tablet-specific improvements.