Here's everything we know about the rumored 'Nintendo Switch Mini' coming this year, which could be smaller and cheaper

One was said to be a more powerful version of the current console, with "enhanced features targeted at avid videogamers," according to a Wall Street Journal report. Despite the reported horsepower increase, this new Switch version is said to still lag behind Sony's PlayStation 4 Pro and Microsoft's Xbox One X consoles.

The other version of the Switch, which was previously rumored, is said to be a portable-focused device. Nintendo didn't respond to a request for comment on the report.

The rumor isn't without precedent: Video game console makers, including Nintendo, are known for releasing new versions of existing consoles.

The idea is simple: new versions of existing consoles could re-energize sales, and at the same time, can potentially reduce hardware production costs.

Similarly, in releasing a more powerful version of an existing console, console makers can bolster horsepower without having to release an entirely new platform.

In the case of the PlayStation 4 Pro and Xbox One X, for instance, both consoles offer sharper visuals and snappier load times, even though they're only intended to play standard PlayStation 4 and Xbox One games.

Nintendo could've revealed the new consoles this past June at the annual E3 video game trade show in Los Angeles, the report said, but E3 came and went without a peep.

Two reports in April — one from Nikkei and another from Bloomberg — pointed to a change in Nintendo's plans: One new version of Switch, focused on portability, could arrive this year, and the second, more powerful device is either delayed or outright canceled in favor of a revision to the existing Switch.

The Nikkei report says that Nintendo will release a smaller, less expensive Nintendo Switch that focuses on its handheld gaming mode this fall.

That lines up with previous rumors about a Nintendo Switch hardware iteration, which pointed to two new versions of the Nintendo Switch: a smaller, less expensive one, and a more powerful new version.

The latter device is reportedly delayed, according to Nikkei, which cites development challenges.

Bloomberg, however, said that the more portable version of the Switch could have arrived as soon as this June, and that the more powerful Switch will just be an update to the existing hardware (rather than a design revision).

Nintendo isn't commenting on either.

A few different gaming peripheral makers have begun debuting protective shells for the next Nintendo Switch.

Though they're far from final, these peripherals offer an early glimpse at what to expect: A larger screen, built in Joy-Con controllers — that wouldn't detach, as the current Switch Joy-Cons do — and some changes to the button layout of the gamepads.

Most notably, some reports suggest that it won't be compatible with the existing Nintendo Switch dock — that it'll be a portable-only device, like the Nintendo 3DS.

Nintendo, meanwhile, isn't saying much.

"While we are aware there has been coverage to that effect, we cannot comment in regards to speculation and rumors about new hardware or software," Nintendo president Shuntaro Furukawa said in a recent Q&A with shareholders. "It would spoil the surprise for consumers and is against the interests of our shareholders, so we are withholding any discussion. We are constantly developing new hardware and new software. We'll let you know as soon as anything is ready to be announced."

That langauge is far from an outright denial, which Nintendo hasn't been shy about issuing in the past. And if peripheral makers are already working on stuff for a new version of the Switch, it's reasonable to expect that the console isn't so far away either.

One of Nintendo's official licensees for accessory products has a Silicone Cover for the Nintendo "Mini Switch 2" coming. Here are some of the official pics for this #NintendoSwitch2: https://t.co/cvka1OuB7Y

Why would Nintendo make a new version of the Switch? Because Nintendo is in the business of making money, and a new version of the Switch would likely cost less to make while being sold for the same $300 (or more!) than the current Switch costs to buy.

It's why Nintendo released so many versions of its Nintendo DS and 3DS consoles, and why Microsoft and Sony do the same thing with their Xbox and PlayStation consoles.

At the same time, new hardware re-ignites excitement — though, admittedly, the Nintendo Switch already has plenty of momentum.

It's also an opportunity to smooth out the jagged edges.

The Switch could use a stronger battery, and a better screen. The Joy-Con wireless gamepads could have a more secure connection, or simply be permanently attached to the console. It could have better support for new WiFi standards, and come with more internal storage.

In short, there are plenty of changes Nintendo could make to the Switch to make it a better console.

Read more about what we expect from new Nintendo Switch consoles right here.