Recent speculations suggest that Google is on track to unveil its Nexus line of smartphone. Leaks suggest that the Nexus phone will be a LG model based on the company's flagship smartphone, the Optimus G.

Rumors of Google Nexus phone has been surfacing for a while now. Industry sources also indicate that the smartphone will be launched by November this year.

"This rumor comes from three different industry sources that I spoke with over the last month. They have provided reliable information in the past and I find them to be trustworthy. As with most of these rumor reports, the sources wish to remain anonymous," reports Android And Me.

Most recent rumor comes from MoDaCo which speculates the features of the Nexus handset. Leaks suggest that the Nexus smartphone will be based on LG's Optimus G but will not look the same.

The Nexus smartphone will boast impressive specifications like a quad-core Snapdragon S4 processor, wireless charging, and an 8-megapixel rear-facing camera.

The Nexus smartphone is expected to include 1280 x 768 True-HD IPS display and 2GB of RAM. The device will have on-screen soft keys and run on an updated Android operating system. The device will offer 8/16GB of on-board storage and no option to expand the memory using a microSD card.

The specifications of Google Nexus Phone (LG Optimus G) have leaked; however, Google may not just launch one Nexus smartphone.

"Now Google will work with as many as five manufacturers at a time to create a portfolio of 'Nexus' lead devices that include smartphones and tablets, said a person familiar with the matter. Google also plans to sell the gadgets directly to consumers in the U.S., Europe and Asia through its website, and potentially through some retailers, this person said," reported Wall Street Journal in May this year.

Furthermore, the report indicated that the source has claimed that "The devices will run on Google's forthcoming version of Android called Jelly Bean, and it (Google) hopes to have the full portfolio of devices ready for sale by Thanksgiving."

The competition in the smartphone market is increasing day by day. With Google looking to test the waters, time will tell if the company can find a comfortable space for its Nexus smartphones.