A new Google Nexus 7 is coming out months after the Android-centered Google I/O event in May. The release date is pegged in July, while the price tag is expected to be marked $199 - just like the original N7 price. However, it is not clear whether the new Nexus 7 will run on Android 5 Key Lime Pie.

In a Reuters report, two unnamed sources allegedly revealed some important details about the upcoming Android device. The Nexus 7 scoop Reuters gathered is comprised of plausible intel. The sources are supposedly Google insiders but they are not in an official capacity to speak about the company's emerging products.

The sources are not sure whether the new Nexus 7 will carry the same $199 price tag, but such an idea is not off the table. It is also likely for the company to discontinue the old Nexus 7. This means late adopters can enjoy huge savings before the device goes out.

The Reuters report did not indicate whether Android 5.0 Key Lime will be the OS to run the new Nexus 7. The news agency's sources, however, said Asustek will manufacture the device again. The new N7 will reportedly sport a higher screen resolution (currently at 1280×800 WXGA pixels, 216 pixels per inch). The front panel will show a thinner bezel, according to reports. Inside the new Nexus 7 will be a Qualcomm chip, replacing Nvidia Corp's Tegra 3.

The expected entry of the Nexus 7 in July shakes up the competition between Samsung and Apple. The new N7 will compete with Samsung 8-inch Galaxy Note 8 and the yet-to-be-announced iPad mini 2. If you are shopping for new tablets, it will do you wonders if you could wait a little longer.

When the Google I/O event opens in May, Android fans are expected to hear some updates on the latest Android iteration. Android 5 Key Lime Pie will be a huge sales drawer if Google is ready for it.

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