Reports claimed that search engine giant Google may launch Android 5.0 Key Lime Pie in October along with Nexus 5.

An executive of LG Electronics confirmed that the company is not working on the successor of the popular LG Nexus 4 dubbed as Nexus 5.

Vice President of LG Mobile in Europe Won Kim said in a statement: "The Nexus 4 was a great success despite the production problems for us and Google. However we do not need such a marketing success again."

These comments suggest that LG is not working the Nexus 5 or a Google Edition of one of their flagship phones like what Samsung did during Google I/O this year. However, a spokesperson for LG told TheNextWeb that they certainly wouldn't reject the chance to work on future Nexus devices:

"What Mr. Won Kim said is that we are not currently working on a Nexus 5, which is true. But that doesn't mean we would turn down the opportunity."

However, rumours did not stop and some of the rumoured features of Google Nexus 5.

Super-fast eight core Qualcomm Snapdragon 800 processor

4GB of RAM - There are hearsays that 4GB of RAM could be released by the end of this year

13-megapixel camera on the back with awesome camera software

Full HD screen with a diagonal of 4.7 or 5 inches

LTE connectivity support

Expandable memory via microSD slots

Initial reports claimed that the Internet giant Google is set to release an updated LG Nexus 4 with larger internal storage and LTE Radio. The Google Nexus 4 was criticized, as it lacked an LTE radio and the ability to support micoSD card for memory expansion.

Other reports stated that the company is bound to release the successor of LG Nexus 4 coined as Nexus 5 is rumoured to sport a 5-inch full-HD (1920 x 1080) display translating into a pixel density of 440ppi. The device is also speculated to be equipped with NVIDIA Tegra 4 processor with 2GB of RAM, 8/16GB of internal storage, a 13-megapixel auto-focus rear camera with LED flash and a 3-megapixel front-facing camera.

Other rumoured specs of the Nexus 5 include Qualcomm Snapdragon 800 processor that possesses a clock rate of 2.3GHz. The CPU finds assistance in 3GB of LPDDR3 RAM. Storage options are provided in the form of 16GB, 32GB or 64GB of internal memory. Adding to the list of these highly questionable details is a 3300mAh Li-polymer battery, under the hood.

The smartphone will bear the same affordable price as its predecessor, which is one of the selling points of LG Nexus 4.