Nintendo Co. plans to launch two new versions of its Switch gaming console as early as this summer, people familiar with the matter said, as the company seeks to sustain sales momentum for the product going into a crucial third year.

One version will have enhanced features targeted at avid videogamers, although it won’t be as powerful as Sony Corp.’s PlayStation 4 Pro or Microsoft Corp.’s Xbox One X, according to parts suppliers and software developers for Nintendo who have access to a prototype of the machine.

The...