Microwave reflectometry is an important diagnostic to characterize the plasma electron density in fusion experiments. The broadband frequency swept microwave reflectometry system of the ASDEX Upgrade tokamak covers the frequency range of 16 to 100 GHz. In order to fully exploit the diagnostic capabilities it is mandatory to upgrade the data acquisition and control system. It should comply with shorter frequency sweep times and improved time resolution as well as accuracy allowing, for example, plasma position and shape measurements for control purposes, as it is foreseen for ITER. A new PCI-based system is under development based on a digitizer card with two channels, 12-bit resolution, and a waveform generator with one channel, 16-bit resolution. Both cards have 512 Mbytes of memory, a digital signal processor (DSP) for advanced processing modes, and a field programmable gate array (FPGA) for real-time algorithms and complex trigger managing modes. The system is able to support multiple cards (digitizers and signal generators) operating synchronously at a maximum rate of 210 MSamples/second.