Rumors are flying thick and fast that Google will soon launch its Nexus 4 smartphone, which will be manufactured by Korean gadget maker LG. Recent rumors indicate that the latest Google offering will be launched on Oct. 29.

Previous rumors and leaked images have indicated that the smartphone will be called LG Nexus 4 and will be based on LG's flagship handset the Optimus G.

"LG's rumored Nexus device listed in the Carphone Warehouse's inventory system. The device is labeled as the 'LG Nexus 4,' with color options including black or white. It isn't definitive proof that this is the final naming for the device, but LG's handset would be the fourth entry into the Nexus smartphone family," reported The Verge.

A French Web site, Le Figaro, suggests that the rumors of an LG Nexus 4 may be true along with speculations that the device will be launched on Oct. 29.

The LG Nexus 4 is expected to pack top-end features, giving direct competition to the current high-end smartphones available in the market. LG Nexus 4 is expected to sport a 4.7-inch True-HD IPS screen with 1280 x 768 pixels resolution. A 1.5GHz quad core Snapdragon S4 processor will power the device. The handset is expected to include an Adreno 320 GPU, 2GB of RAM, and boast an 8-megapixel rear-facing camera.

The device is expected to run on the latest Android operating system, dubbed Jelly Bean 4.2.

"New Nexus phones usually fly straight to the top of the Android spectrum upon release, meaning that we may even see specs that surpass that of the Galaxy Note 2, which is easily the best Android smartphone out there at the moment - on paper anyway. LG hasn't confirmed anything officially yet," reported Product-Reviews.

Oct. 29 has already been penned down by many smartphone enthusiasts as Microsoft is launching its much-awaited Windows Phone 8 operating system in San Francisco.

The features of LG Nexus 4 appear to be promising on paper. Time will tell if the LG Nexus 4 find its spot in the highly competitive mobile industry.