The US search firm will kick off its I/O developer conference in San Francisco with a keynote speech at 5.30pm BST.
It is expected that the speech will see the unveiling of Google's new tablet computer, as it looks to compete with rivals Apple, Microsoft and Amazon in the hardware market.
Google executive chairman Eric Schmidt confirmed that the company planned to create its own tablet at the end of last year, but Google has not commented on the initiative since.
However, recent rumours have suggested that the device would be called the Nexus 7 and pack a seven-inch screen.
Bloomberg reported earlier that Google's tablet would be announced today and pitched to go head-to-head with Apple's market leading iPad, citing two people "familiar with the matter".
However, an executive from Taiwanese manufacturer Asus has now seemingly confirmed that Google's tablet will actually be priced to compete with Amazon's budget Kindle Fire, which also has a seven-inch colour display.
Asus is widely thought to be the hardware partner for Google's tablet, despite Google recently sealing a multi-billion dollar acquisition of smartphone and tablet maker Motorola Mobility.
Speaking to Reuters, the unnamed Asus executive said that the Nexus 7 would take on Amazon's Kindle Fire, which has proved a massive hit in the US, largely due to its $199 (£127) price tag and big digital content library.
"It's targeting Amazon," said the person. "The Kindle is based on Google's platform but with its own service, so Google has to launch its own service, too."
The Kindle Fire runs on Google's Android mobile operating software, but Amazon also offers its own App Store, allowing the company to monetise the product with sales of books, movies, apps and games.
Amazon's tablet has not yet been released outside of the US, but in the American market it has built a healthy 54% share of the Android tablet market.
If the Asus executive is right, Google would most likely price the Nexus 7 at around the same as the Kindle Fire, and then look to earn money from selling its own digital content through services such as Google Music and Google Books.
Also in the I/O keynote, Google is expected to announce that the Nexus tablet will launch with the next version of Android - version 4.1, also known as Jelly Bean.
It is thought that Jelly Bean will be a relatively incremental upgrade to the OS, before the speculated next major generation, Android 5.0 Key Lime Pie.
The firm may also today offer more details on the Google TV service - which was announced for UK launch this week - along with the Project Glass augmented reality eyewear initiative.