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(Pocket-lint) - While the Nexus 7 is among the cheaper of tablets available on the market, Asus is said to be launching an even cheaper tablet for customers on a budget. Built with several characteristics of the Nexus 7, the budget-minded tablet will reportedly feature an Intel processor rather than Nvidia's Tegra 3 processor.

According to Slashgear, the second bargain tablet will ditch the quad-core Tegra 3 processor on the Nexus 7 to use a slower, single-core Intel Atom Z2420 processor in order to bring the price down. It's not clear if the tablet will keep with the Nexus moniker, or carry solely Asus branding. We think the latter. 

asus to launch budget nexus 7 like tablet with intel processor  image 2

The device reportedly goes by the code name ME371MG. It will carry a 7-inch display, 1GB of RAM with 8GB, 16GB, or 32GB of internal storage, microSD memory card slot, 3-megapixel rear-camera, and 1.2-megapixel front-camera, according to the report. 

Shortly after CES 2013, Asys unveiled the MeMo Pad 7, a cheap Nexus 7 lookalike for emerging markets, priced at $150.

It's not clear what pricing the ME371MG will carry if the rumour does come true, but $99 would make an enticing tablet for customers on an extreme budget and take the 7-inch MeMo tablet one step further.

There's no official word from Asys, though we've reached out for comment. Mobile World Congress 2013 could be a potential launch scene. We'll keep you covered.

Writing by Jake Smith.