Apple has been sending out invites to an October 23 event, so it's probably safe to say the iPad Mini—or whatever Apple ends up calling it—is only days away. Coincidentally, The Verge says recent evidence suggests Google and Asus are readying a new version of the Nexus 7 tablet with twice the storage capacity of the current flagship.
Early listings for a Nexus 7 with 32GB of storage have cropped up in the U.S. and UK, and the device is apparently supposed to cost as much as the 16GB Nexus 7 does today—that is, $249 in the states and £199 in Britain. The Verge also links to a story by The Next Web, whose author says he was told by UK retailer Argos "not to expect [the 32GB Nexus 7] in the next two weeks."
It seems likely, then, that we're going to see some new blood in the Nexus 7 lineup either in time for the iPad Mini's arrival or shortly thereafter. Now, the reports don't say what's going to happen to the 16GB and 8GB models. If I were a betting man, though, I'd put money on the current 16GB model being bumped down and replacing the 8GB Nexus 7 at $199. It's possible that the 8GB Nexus 7 will stick around at an even lower price point—heck, there's been talk of a $99 Nexus 7 successor going around—but I doubt it, considering the estimated bill of materials for the device.
For now, you can pass the time until the new iPad and 32GB Nexus 7 become available by reading our Nexus 7 review.