At the recently held Google I/O developer conference, it was expected that the search giant would announce a new Nexus 7, but that did not materialize. Nonetheless, if a new report turns out to be legitimate, then the second generation Google Nexus 7 could launch for the cool price of $299, which would surely attract a lot of potential buyers.

According to the DigiTimes, Google plans to sell the next generation Nexus 7 for $229, so that it would not compete directly against entry-level tablets. A DigiTimes source said, "As first-tier brand vendors have been trying to expand their sales through price cuts, Google is not looking to follow suit, but will instead focus on defending the US$199-249 segment of the 7-inch tablet market and target competitors such as Amazon and Apple."

We don't know much about the new Nexus 7 at this point, as information has been sketchy, however, Apple Insider acquired notes that supposedly highlights the specifications. The notes claim the next generation Nexus 7 will come loaded with Android 4.3 Jelly Bean, a Qualcomm processor, NFC, Wireless charging, 5-megapixel rear camera, an HD front facing camera, 7-inch display and a 4,000mAh battery.

Furthermore, market researcher IHS spoke with CNET about the new Nexus 7, and according to report, the device should launch in the third quarter of 2013.

"As far as I know, JDI and AUO didn't start to supply this panel to Quanta yet. However, they are saying it will start from June and July," said South Korea-based Ricky Park, who heads research for TV, Tablet, Monitor and Notebooks display at IHS.

It is clear Google is gearing up to launch the new Nexus 7 before Apple comes out with a new iPad Mini. The first Nexus 7 did relatively well, its successor is expected to do better.