A Korean forum spilled the beans that electronics firm LG is in fact working on the successor of the Nexus 4 smartphone and the next Nexus tablet that will debut on the upcoming Google I/O conference in May.

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.

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

The LG tablet or Nexus 7.7 is rumoured to be a sequel to Google's current Nexus 7 tablet. The specs include a 7.7-inch WUXGA display (1920x1200, 294 ppi), 720p HD rear and front cameras, an NVIDIA Tegra 4 processor, 2GB RAM and internal storage options of 8/16GB.

The tablet is expected to be priced starting $299 for the 8GB model. Though there aren't any mentions about which version of Android the two devices will be powered by, we're assuming Android 5.0 Key Lime Pie.

This report is in line with previous reports that LG have halted the production of the Nexus 4 to make way for its upcoming smartphones, which LG defiantly denied.

However, LG Electronics SVP James Fisher confirmed that the LG Nexus 4 is just the first of the many devices that Google and LG will make. Fisher added that the firm will be launching its next generation smartphones at Mobile World Congress in Barcelona next month.

The Google I/O event scheduled to take place from May 15-17 in San Francisco. Thus, we should hear from Google in the coming months.