Looks like a good news for Google Nexus fans as an updated version of the Google Nexus 7 is slated to launch soon along with the search engine giant's latest operating system, Android N.

Google ideally launches a new phone every year - In 2015 Google launched two smartphones including the Nexus 5X and the Nexus 6P, thus cementing the possibility of an upgraded version of the Nexus 5, or probably the Nexus 6 in the making. Speculations, however hint Google might simply jump to the much-awaited Nexus 7 2016.

Rumors revolving around the Nexus 7 have been plenty, with many claiming its launch during the Google I/O Developer Conference 2016 event, which opened Wednesday, May 18 and will last until Friday, May 20.

TechRadar reported, the search engine giant will debut its latest operating system Android N during the Google event. If rumors proved true, Android N will flaunt a new Vulcan API as well as launcher shortcuts. Plus, it will support pressure-sensitive displays such as Force Touch, Unicode 9 and 3D Touch. Android N will then reportedly add a slew of awe-inspiring features to the forthcoming Nexus 7.

The highly-anticipated Nexus 7 is slated to make an appearance in two variants:

1) The 7-inch model and 2) the 5-inch model.

Both handsets will be powered by Qualcomm's Snapdragon 820 chipset and will be well-supported by 4GB of RAM. As far as the internal storage capacity is concerned, it will be low, however users can expand the storage up to 2 TB (terabytes) via a microSD card. The Google Nexus 7 will be priced between $229 and $269, reports ChristianTimes.

In 2012, Google teamed up with Asus to manufacture the original version of Nexus 7. In 2013, the tech giant introduced the Nexus 7 2013 tablet, again in collaboration with Asus. It's been 3 years since then and Nexus users believe it's time for Google to come out with a new tablet. If rumors doing rounds are anything to go by, there is a possibility that Google may consider teaming up with either HTC or Huawei to manufacture its new tablet model.

Nexus fans may take these speculations with a grain of slat until Google confirms them.