That's the opinion of KGI Securities analyst Mingchi Kuo, who believes that Google may unveil the upgraded tablet at its Google I/O conference next week.
The upgrades include a faster Qualcomm APQ 8064 processor, a 1,920x1,200 7-inch display with narrower bezel, a 5-megapixel camera, wireless charging, and a body that's 7.5mm to 8.5mm thick. It is expected to be lighter. Blog site 9to5Google picked up on the analyst's report.
The analyst also believes Google will keep the price tag at $199 despite the higher end components and may end up eating $5 to $10 per unit. The new Nexus 7 could be ready to ship in June or July, and Kuo believes Google and Asus could ship 5 million units in the second half of the year.
The Nexus 7 was a well-regarded tablet praised for its features and low price. Given the success of the Nexus 7, many are eager to see what Google has to offer for a second act.
CNET contacted Google for a response to the report, and we'll update the story when the company gets back to us.