You may want to hold your horses in buying a new smartphone or updating your devices to Jelly Bean as search engine giant Google is rumored to unroll a new version of its Android operating system paired with its own smartphone.

It is full steam ahead for Google as it seemed to focus on the Android 4.2 Key Lime Pie along with the LG Nexus 4 event on October 29.

Google already sent out an invitation for the event and the company teases everyone when it said, "The playground is open". This statement could mean a number of things although we know Google like to take a fun approach to revealing new technology.

Just like in the introduction of Jelly Bean, Google unveiled a device. This time is a smartphone. The LG Nexus 4 is rumored to be replacing last year's Nexus smartphone, the Samsung Galaxy Nexus, and it will mark the first time a company not called HTC or Samsung will have made a Nexus.

The LG Nexus 4 release date remains a mystery, and likely will be until Google makes Android announcements at an event scheduled for October 29th in New York City. However, the Google-LG Nexus 4 is rumored to be equipped with 4.7 inch screen display with 1280x768 resolution, 1.5GHz Snapdragon S4 Pro quad-core processor, 8 MP camera and 2100 mAh battery.

As October 29 nears, we will be able to know the confirmed specs for the Nexus 4 as well as further features, release, carriers and pricing.

However, there are rumors that claimed that Google will announce a new 10-inch tablet called Nexus 10 that is powered by Android 4.2 (Key Lime Pie) that will aim to compete with the iPad 3, Kindle Fire HD, and Nook HD+. Google is also speculated to release updated Nexus 7 tablets.

On the other hand, Android devices are expected to roll out Jelly Bean update in the next few days or weeks.