Rumor has it that Google is set to release the follow-up to its successful 7-inch tablet, the ASUS-made Nexus 7. Google is expected to debut the second-gen Nexus 7, dubbed Nexus 7.7, in May at its annual I/O event, which is touted to be the iPad mini killer.

According to Ming-chi Kuo, KGI Securities analyst, the second-gen Nexus 7 will launch in May, giving the smaller tablet ample time to establish a foothold before rival iPad mini 2 (rumored for a September/October release) is unleashed on the market.

"Noted analyst Ming-Chi Kuo believes Google will unveil a next-generation Nexus 7 tablet in partnership with Asus at the search giant's upcoming Google I/O conference, looking to steal some of Apple's thunder as a next-generation iPad mini is rumored to be delayed," notes AppleInsider.

A research note obtained by AppleInsider reveals that per Kuo, the new Nexus 7 will have upgraded specs, including a high-resolution screen, improved cameras and wireless charging. However, despite the enhancements, the new Nexus 7 will maintain its entry-level price point of $199.

Currently, the Nexus 7 retails at $199 against the iPad mini's $329 starting price. Even though the iPad mini has been a commercial success, the tablet has received brickbats for being underpowered when compared to its Android counterparts.

With the Nexus 7's successor slated to bring improved specs and features, Apple is in for some tough times ahead, according to Kuo. The analyst believes that the second-gen Nexus 7 will switch to a Snapdragon S4 Pro processor, a 7-inch LTPS panel with 1980 x 1200 pixels resolution, wireless charging and a 5-megapixel primary snapper.

With the iPad mini 2 also expected to pack in several improvements, including a Retina display with 2048 x 1536 pixels resolution, which improves on the 1024 x 768 pixels of the iPad mini, it will be interesting to see if the Nexus 7.7 can steal the iPad mini's thunder.