More Google Nexus 5 specs and features will be revealed in the LG G2's release date set on August 7.

Despite the myriad of rumours, very little was known about the successor of the LG Nexus 4. It was still unconfirmed whether LG will be in charge in making the next Google Nexus smartphone. But, we will surely get some hints at the upcoming launch event of LG. LG planned on revealing its latest device, the LG G2, on August 7 at the Lincoln Center in New York.

It was expected that the new LG smartphone will run with the latest Android 4.2.2 version of Jelly Bean OS just like the LG Nexus 4. The new OS was not yet available in most handsets in the market that will surely give LG an edge.

However, consumers can only hope that the pricing of the new smartphone will follow that of LG Nexus 4, which included some of the high-end specs and features at a cheaper price. But, LG may step up and offer the smartphone at a competitive price.

Rumours claimed that the Google Nexus 5 will include a 5-inch Full HD screen display, an eight-core processor clocked at 2.3GHz paired with 3GB of LPDDR3 RAM, 13MP rear camera, 3300mAh battery capacity and the latest Android OS. The handset was rumoured to be available in 16GB, 32GB and 64GB variants and will support 4G/LTE connectivity, which was missing in the Nexus 4.

Due to the immense success of LG Nexus 4, Google was expected to release the next generation of the device. LG Nexus 4 was sold out in minutes after its release and 400,000 units were sold initially. Google and LG also entered in a mud-slinging and blaming game on who was at fault for the slow production of the handset.

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

"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," Vice President of LG Mobile in Europe Won Kim said in a statement.

These comments suggested that LG was 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."