The successor of the popular LG Nexus 4 dubbed as Nexus 5 is set to be launched in May at Google's I/O event.

Sources have said that LG is working on the Nexus 5 prototype, which will be based on LG's phablet Optimus G Pro that was revealed last month.

The LG Nexus 5 will naturally come with the latest Android version rumoured as the Android 5.0 Key Lime Pie, and will probably launch in May at Google I/O.

The specs of the LG Nexus 5 are only rumours just yet, but f it is based on the Optimus G Pro, we can make educated guesses.

It could boot a 5" True HD IPS+ LCD screen with a 1080x1920p and a 441ppi. The device could include a 13MP camera with LED flash, HD video, auto-focus and StreetView PhotoSphere mode.

The LG Nexus 4 came with a disappointing 8GB or 16GB of storage, so hopefully Google will have listened to the complaints and bumped it up to 16GB and 32GB this time.

Another complaint to the Nexus 4 is that the device does not support LTE connectivity. This could be a selling point to the successor of the smartphone.

The low price tag has always done the LG Nexus 4 well, so Google would be daft to ask for more. We may be looking at $300 for the 16GB and $350 for the 32GB LG Nexus 5.

The LG Nexus 4 was considered as the most popular member of the Nexus family, which is the primary reason why Google is rumoured to be staying with LG for Nexus 5. The 5 will probably have the same sort of price tag as the 4 too.

The LG Nexus 4 was beset by supply problems, though. As soon as it hit the Google Play Store it sold out until today.

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