Google's Nexus 8 tablet is rumored to feature a 64-bit processor, 8-inch screen, Android 4.5 exclusivity, and launch in July of this year, according to the latest reports.

Google took the tablet market by storm in 2012 with the first generation of the Nexus 7, featuring many features integrated with Google Play that had never been seen before on a an Android device. The second generation of the Nexus 7 came a year later, in July of 2013, receiving praise as the "best 7-inch tablet in the market."

Google tried to skip a few digits and go straight to the Nexus 10 in late 2012, but lagging sales numbers showed that the market wasn't ready for the jump. Enter the Nexus 8.

While an 8-inch screen would make sense for the Nexus 8, some reports are saying that the screen may actually be closer to 8.9 inches, possibly causing Google to wish they didn't start naming each device after its screen size.

But where's that sweet spot? In an already oversaturated 7-inch tablet market, Google realizes that the next logical step is 8 inches, but would 8.9 solidify the future market or come too soon?

And while the Nexus 7's Snapdragon processor has worked well so far, rumors point to Intel's Moorefield quad-core CPU taking over in the Nexus 8. That would bring the first 64-bit architecture to a Nexus tablet, as well as the accompanying PowerVR graphics chip that is currently being used by Apple in the iPad Air, iPad Mini 2, and iPhone 5. This would also allow Google to better compete with Apple and the iPad Mini's Retina display 64-bit A7 processor.

Google's I/O event is usually a prime time for announcements if you look at the last few Nexus tablet reveals, so it would only make sense that the Nexus 8 will be revealed then, right? Not so, says one insider as the announcement is much more likely in July to introduce Android 4.5 "Lollipop," and to allow June's I/O event to focus on other Google products. Either way, Android 4.5 Lollipop is said to be the pinnacle reveal for the Nexus 8, as it will show off the new 64-bit support included with both the OS and the hardware.