Break out the popcorn folks, there’s about to be a slug fest over the tablet market. Rumours are rife that internet giant Google has its own tablet in the works, set to rival that of Apple’s infamous iPad.

The tablet is expected to be released for sale later this year, although details are incredibly vague. Google spokespeople have declined to comment on the matter at the moment, and the only source Wall Street Journal Online can find is “someone familiar with the matter”.

But where there’s smoke there’s fire!

The tablet will be co-branded with Android, and sold via Google’s own online store. It will also be sold at physical stores so everyone can have a stab at it.

This is excellent news for the average consumer, as Apple will have to take a hard look at its pricing strategy. Let us all rub our hands in gleeful expectation of the price-wars that are sure to follow once Google’s tablet is released.

At the moment, Apple doesn’t have a serious competitor in the tablet market capable of challenging it. It is estimated by the research firm, Gartner, that by 2012 Apple has captured 73% of the tablet market. Consequently, it has been able to charge at will for its iPads, and the consumer has been willing to pay for it, thanks to a combination of heavy marketing and competitors keeping low profiles.

But all that will change once Google rolls out its big guns. It won’t be easy for Google to catch up- it will have to work hard, investing huge sums into advertising, and bolstering consumer confidence. But if anyone can give Apple a run for its money, the number one search engine giant surely can.