DigiTimes, the Taiwanese supply chain website that journalists love to hate and news junkies love to read, has just published one hell of a juicy rumor. They say that Google is working with ASUS on the sequel to the Nexus 7 and that said device will be announced in May. It’s going to have a “Full HD display”, which we’re going to assume means 1920 x 1080, and it’s also going to be thinner and have smaller bezels. Best of all, this new model is going to be priced exactly the same as the old model, so you should expect to see prices ranging from $199 to $249.

What’s it going to run? The article says an upgraded version of Jelly Bean, which makes us believe that means Google is going to show off one more point release of JB before announcing Key Lime Pie. Remember, Google is going to host their annual I/O event in May this year, so that’s probably going to be the time this Nexus 7 sequel gets announced.

When are we going to see Key Lime Pie then? Knowing Google, they’re likely saving that for the fall, along with a new Nexus phone. Said phone will be the first device to run Key Lime Pie, and we’re hoping that whoever was lucky enough to score the contract for the next Nexus actually ends up making enough to feed demand.

Back to the tablet, does this mean you should hold off from buying yourself a tablet today? That’s a hard thing to say. No one really needs a tablet, it’s still considered a luxury device in many circles, so if you can wait two quarters, then why not? It’s not going to be the end of the world. You might even see something next month at Mobile World Congress that you’d rather buy instead.