Google is preparing to announce a new version of its Chromecast online streaming device later this month, according to a report Friday. News of a Chromecast 2 comes days after Amazon's announcement of a 4k-capable Fire TV and weeks after Apple own announcement of a revamped Apple TV

The so-called "new Chromecast" will introduce a balloon-shaped design and come in three colors, according to 9to5Google, which obtained documents confirming the device. The gadget will come with improved Wi-Fi technology and a new "Fast Play" feature designed to let users connect and stream content at faster speeds than the current Chromecast model. 

The Chromecast 2 is also set to include support for content feeds, a feature that will likely let users set their social feeds as their Chromecast screensavers. Additionally, the new model will come with "Chromecast Audio," which will let users plug the device directly into their speakers using an auxiliary cord, 9to5Google said.

Google's new online-streaming device is to be announced at a company event on Sept. 29, the report said. The new Chromecast will reportedly be available for a price similar to that of the current model, which retails for $35. 

The Chromecast 2 will enter a crowded market featuring the improved Amazon Fire TV and the new Apple TV, which is set to go on sale in October and feature gaming capabilities for the first time. Chromecast will also face stiff competition from Roku, the leader in online streaming devices, and smart TV capabilities found on modern television sets.