The Nexus 7 is still an amazing value at $249. But word around the block is that Google (GOOG) and ASUS (2357) are working on a $99 Nexus tablet. But now, per PhoneArena, it’s apparent that Acer (2353) is preparing to beat Google to the punch with a 7-inch Android 4.1 2Jelly Bean-powered tablet that will reportedly sell for $99. Naturally, a lower-priced tablet will come at the expense of less powerful specs. Acer’s Iconia B1 looks to have a Mediatek dual-core 1.2GHz processor, PowerVR SGX 531 GPU, 512MB of RAM, 8GB of storage, Bluetooth 4.0, GPS, microSD card and SIM card slot. For $99, its display also has a much lower resolution than the Nexus 7: 1024 x 600 pixels. The Iconia B1 has already cleared the Federal Communications Comission and will likely make an appearance at the Consumer Electronics Show in January.

Raymond Wong is a technology reporter with a passion for cutting-edge gadgets and clean design. He first realized his love for technology when he burned through so many AA batteries on the original Game Boy that scraping battery acid off it became the norm.