There’s an inside source that claims to know more about the ASUS-made Nexus tablet we’ve been hearing about for the past week or so. Android and Me quotes a supply chain source, saying that ASUS is giving up on the MeMo 370T slate shown at CES and turning it into the Nexus Tablet.

I have to remind you that this model shown early this year is a 7 inch tablet with quad core Tegra 3 processor, with a target price of around $150 to $200, so it’s a clear Amazon Kindle Fire rival. Last time I heard about ASUS making a 7 inch cheap tablet for Google, I immediately though about the MeMo slate from CES and turns out that this was actually what everyone was thinking. Apparently, things are unsure now as far as specs go, so even the Tegra 3 could fly out the window, for low cost’s sake.

The Snapdragon S4 could be a decent alternative, with bigger volume and lower price, plus pretty much the same performance. The low price could lead to a cheap plastic device as the result, but who cares as long as the Nexus Tablet reaches all the globe at a decent price and gives us a decent iPad alternative. Rumors say this model could be introduced at CTIA in May or maybe even at Google’s I/O event in June. Is there any change of seeing Android 4.0 or maybe even 5.0 on this unit? We’ll see…