Who can forget the very successful NOOK Color? With Android ported into this e-reader, it became a hit not just to people who love books but to Android fanatics, as well. It’s been more than a year now, and it seems like Barnes and Noble (B&N) is about to release a new and better model of the NOOK Color, reportedly this November 7.

There are strong rumors though that B&N is going to release the new device on the said date–a NOOK Color 2, codenamed the Acclaim.  The date, notably, is just about a week ahead of the Amazon Kindle Fire release date on November 15.  The Kindle Fire is Amazon’s latest and upcoming tablet and a chief competitor to B&N’s products.

There are very few details about NOOK Color 2 product launch, not even a hint of how the new device would look like. There has been no official word from Barnes and Noble yet.

Information about the new product release comes from The Digital Reader, an online blog, which got insider information saying a new NOOK department is being set up in B&N.

Digital Reader informants also said that the current NOOK Color will most likely keep its price of US$250, while the upcoming NOOK Color 2 (Acclaim) might come with a US$350 price tag.

Moreover, the company has also confirmed to The Wallstreet Journal its plans to expand B&N NOOK boutiques in 40 B&N stores all over the country, reportedly in time for the upswell in holiday sales.  The Wallstreet report mentions that the boutiques’ sizes will be doubled.

NOOK boutiques are sections in B&N stores where the company’s e-readers such as the original NOOK Color and related accessories are available for public demo.  Potential customers can try the devices hands-on and make purchases instantly in NOOK boutiques.

Putting these pieces together, it’s enticing to say that Barnes and Noble will definitely be launching the latest NOOK Color on November 7, but it could also be something else. The company has not been showing any signs of what’s been going on, which might also be a good thing since it can surely build up the hype.

With the way things are going right now, we’ll just have to wait and see. November 7 is not that far away anyways.