The Google Nexus 7.2 was a big hit when it launched in July 2013 with total sales amounting to approximately 4.8 million, according to Digital Trends. The Google-Asus collaboration received positive reviews from both users and critics, and was dubbed as the thinnest and most powerful tablet comparable to iPad Mini and LG G Pad.

Now fans are anxiously awaiting the Google Nexus 8, which is finally set to be no longer a rumor but a product of reality with Google currently working towards releasing the device sometime this year.

Digital Trends reports that the Nexus 8, which could be created in partnership with Asus, LG, or HTC, boasts an 8-inch display with a 2560 x 1600 pixel resolution. The model could be similar to Amazon's Kindle Fire HDX 8.9 and LG G Pad which has an 8.3-inch display.

This is also the first tablet to bear Android 5.0, which is expected as Google has a tradition of putting its flagship products in the frontline for any software updates.

In terms of processor, the Nexus 8 aims to perform way better than its predecessor. Since the Nexus 7 functions on Snapdragon 800, Nexus fans are expecting an upgraded Qualcomm processor. But web leaks says that Google is currently in the works to integrate an Intel Bay Trail chipset which is a first of its kind on tablets.

Tech gurus are anticipating that the new Nexus 8 will be unveiled at Google's I/O event which is scheduled for June 25 and 26 in San Francisco.

The price is predicted to be in the $300 bracket. If everything goes well with the production timeline, Nexus 8 is likely to be sold on the market sometime on July or September 2014.