Look out Apple, a new Android-powered tablet is set to launch some time at the end of the summer.

A PowerPoint slideshow obtained by Thisismynext.com reveals that a new ThinkPad tablet operated by Android 3.0 from Lenovo will be released sometime in July or August.

The Honeycomb-powered tablet will feature an NVIDIA Tegra 2 processor, comes equipped with front and rear cameras and will be available with 16, 32 or 64GB of storage. It also features a 10.1-inch, 1280×800 IPS display with a “true pen” option for sketching and note taking.

The ThinkPad, also labeled “Think Slate” in the PowerPoint, features USB 2.0, Micro USB and a full-sized SD card slot. Lenovo has also created an optional, detachable keyboard portfolio for the device which lets users turn the tablet into a notebook. The ThinkPad will be able to carry 8-hours of battery life and can be used with a stylus, which is optional.

The slides, which are dated 2009, say the tablet will cost $499, firmly in the price point of other as iPad competitors. The report say the slides are old, so the interface of the device my change by the time it hits the market, but it’s very much in the works and will be released soon.