The Hubble Origins Probe, dubbed "Hubble Lite" by the head of the institute that runs the Earth-orbiting Hubble, would use a streamlined mirror along with two advanced instruments already built, Colin Norman, a physics and astronomy professor at Johns Hopkins University in Baltimore, told the House Science Committee.More info at NV Max
Norman estimated the cost of the replacement at $991 million, and the committee said that a repair mission could cost as much as $2.2 billion, according to documents distributed at the hearing.
Don't save Hubble - replace it?

A scientist said that NASA could save as much as $1.2 billion by replacing the Hubble with a lighter telescope, instead of doing a robotic or human mission to repair it.