Google is holding a media event on Oct. 29 in New York, where the Internet search giant is expected to unveil its next generation Nexus phone and a 32GB model of Nexus 7 tablet, along with a couple of other surprises.

Google's press invite for the Android event reads - "The playground is open". It has a cityscape background that resembles with the background on the company's Google Now page.

Scheduled for Basketball City in New York, the press conference will kick off at 10 am ET. Fortunately, folks who cannot reach the place can live stream the event on YouTube. However, details are low and the number of expected outcomes from the event are high. Nevertheless, the next Nexus phone is widely believed to be the spotlight of the show.

According to latest rumors, the next Nexus phone, dubbed LG Nexus 4, comes with a 4-inch HD display and a polished version of Android 4.1 Jelly Bean. Spec-wise, the Nexus 4 is reportedly identical to LG's new flagship - Optimus G. Rumors suggest a device featuring quad-core 1.5GHz Snapdragons S4 Pro processor, 2GB of RAM, 32GB or 64GB of storage and an 8-megapixel camera.

Various tech experts also believe that it's time for the next version of Android a.k.a 4.2 Lime Pie. However, it seems unlikely as Jelly Bean updates are still pending.

A 32GB version of Nexus 7 tablet is also appearing in the recent leaks and rumors. Priced at $249, the newer model could replace the existing 16GB version of Nexus 7 tablet, or it might kill the 8GB version resulting in lowered price of the 16GB Nexus 7.

There are many who believed Google to release a 10-inch Nexus tablet with a screen resolution of 2,560 X 1,600 pixels resolution. The upcoming 10-inch slate is manufactured by Samsung, according to rumors.

Nothing can be confirmed at the moment, but Google is certain to make surprising announcements at the event. Incidentally, Microsoft is also holding a Windows 8 event on the same day; and Apple is holding an event on Oct. 23, where the Cupertino-based tech giant could debut the smaller iPad, dubbed iPad Mini. It looks like next week will be the busiest tech week of 2012. Put on your seat-belts and enjoy the ride.