NexusWe love the Nexus 7 tab. Google’s valiant iPad competitor nicely packs inside everything we enjoy about the company’s Android OS, their services and the streamlined symbiosis among them. Oh, and it being a full ‘Benjamin’ cheaper than Apple’s must-have tab makes the 7-inch Nexus even more desirable.

First unleashed in July, it makes sense for an updated version to be quickly approaching, no? Well, we’re happy, as a report published today from Reuters leads us to believe exactly that.

Google will allegedly be discontinuing its first batch of Nexus 7 devices alongside the roll out of its next-gen model. Ridding the floor plans of NVIDIA’s Tegra processor, this rumor also points to Google opting for Qualcomm’s Snapdragon.

A new microchip switch, supposedly chosen by the company for its power capabilities over the NVIDIA, is the most newsworthy tidbit—other than one other speculation worth mentioning:

The anonymous tipster also reports that a Google representative hinted that the new generation Google tablet will be slightly cheaper than its predecessor. The next generation Nexus 7 tablet may go for $150, a $50 drop from it’s debut. This competitive pricing could put the Google handheld in more hands than ever.

Since Google’s main revenue comes from advertisement, it makes most sense for the company to get the most amount of units out there in order to reach the most consumers and further cash in on ad sales.

There’s been no word from Asustek, the hardware manufacturer behind the original Nexus, at this time.