If the stories from Gizmodo Australia are true, Google and Asus will be releasing a new 7-inch Android-powered tablet, Nexus 7, at this week’s Google I/O Conference.

We knew Google was going to release a new tablet soon. What we haven’t known is any of the details.

According to sources, this new table will be built by Asus and will be powered by a 1.3Ghz quad-core Tegra 3 processor, with a NVIDIA GeForce 12-core graphics processor unit. It will also have 1GB of RAM and come in two models. The low-price model will retail for $199 and come with 8GBs of solid-state drive (SSD) storage and its high-priced brother will list for $249 and have a 16GB SSD.

Google appears to aims low with new 7-inch Android tablet. More >