It turns out that LG is doing a "Nexus 5" for Google, after all. Designed to be a launch-pad for Android 5.0 "Key Lime Pie," that succeeds the Android 4.3 "Jelly Bean" stopgap, Nexus 5 is reportedly heavily based on LG's Optimus G2 flagship handset. We imagine it to be the innards of an Optimus G2 with a different body design (probably penned down by Google), running the next Android.
Optimus G2 has a lot going for it, on the specs sheet. It runs Qualcomm's Snapdragon 800 SoC, with a quad-core Cortex-A15 CPU clocked at 2.30 GHz, 2 GB of RAM (possibly 3 GB on the Nexus 5), 4K-ready Adreno 330 graphics, and various soft-modem options targeting different markets. Android 4.2.2 is expected to be standard issue for the Optimus G2, although a pretty-long software update is on the cards. As detailed in a slightly older report, Nexus 5 is en route an October 5th launch.