Google's Nexus 4 was a game changer in the smartphone market with a bargain price of £239. We take a look at the possible release date, price and specs for the follow-up Nexus 5. Updated on 19/08/13.

The Nexus 5 is likely to be Google's device to introduce the next version of Android, 5.0 Key Lime Pie. It will probably be joined by a new version of the Nexus 10, too. So naturally, we're keen to know what it will offer.

Although the Nexus 4 has had issues with stock shortages, it's been well received and popular with punters. A high-end smartphone for £239 is a bargain even if it's a bit limited on storage.

See also: iPhone 6 release date: When will Apple's next iPhone arrive?

Thoughts are turning to the Nexus 5 and what it has to offer to rival the likes of the Samsung Galaxy S4, Sony Xperia Z and HTC One. LG is the most hotly tipped manufacturer to make the Nexus 5 but Google is also considering other vendors.

See also: Google Nexus 5 prototype leaks online.

New Nexus 5: Release date

Google hasn't announced when the new Nexus 5 will be revealed, or even if it is making one but here are the rumours on when it will arrive.

The first possibility was that Google would announce the Nexus 5 at its Google I/O (input/output) developer conference which takes place in May in San Francisco. However, the event came and went with no Nexus 5 or even Android 5.0 Key Lime Pie.

At last year's Google I/O which took place in June, the firm unveiled the Nexus 7, its first tablet running Android 4.1 Jelly Bean. It seemed likely new hardware would be revealed at this year's conference but this wasn't the case - unless you include the Samsung Galaxy S4 Google Edition.

Google announced an updated Nexus 7 tablet with Android 4.3 but there was no mention of a new smartphone at that launch event.

So, it's highly likely that we'll see the new Nexus 5 arrive around a year after the Nexus 4, in October or maybe November. The Galaxy Nexus was announced in November and the Nexus S in December.

New Nexus 5: Price

Sources suggest Google will keep the price of the Nexus 5 the same as the Nexus 4. That's £239 for 8GB and £289 for 16GB.

However, the price of the Nexus 7 went up from £159 to £199 for the cheapest model so there's no guarantee.

New Nexus 5: specs

Rumoured specifications for the Nexus 5 include a Full HD screen either 5in or 5.2in in size, a Qualcomm Snapdragon 800 quad-core processor clocked at 2.3GHz and a whopping 3GB of RAM.

A line-up similar to LG's recently announced LG G2 smartphone, so we could see the Nexus 5 based on this stunner.

There's also been suggestion it will feature a 16Mp camera made by Nikon. Other sources suggest a smaller 4.5in screen with a 720p resolution.

Follow Chris Martin and @PCAdvisor on Twitter.