Recent rumors suggested that LG halted the production of its Nexus 4 to focus on its upcoming smartphones (probably Nexus 5), and now, reports point towards the specifications and prices of the rumored Nexus 5 smartphone and Nexus 7.7 tablet.

The news come courtesy Android Authority, who reported that a Korean forum leaked the information regarding the upcoming Nexus 5 along with the Nexus 7.7.

"Not that we're surprised to hear again that LG may be in the front seat when it comes to designing a new Nexus handset, and even tablet - and we're going to check them out for you, while holding on to a rather huge chunk of salt. It's not that such leaks aren't believable in the first place, but it's just a bit too early to talk about devices that will be unveiled in May only - Google I/O takes place between 15-17 May," reported Android Authority.

Per the report, the Nexus 5 will sport a 5-inch display with Full HD 1920 x 1080 resolution and 440 (ppi). A NVIDIA Tegra 4 processor with 2GB of RAM is expected to power the phablet.

Just like the current Nexus 4, the Nexus 5 will offer 8/16GB of on-board storage. The device is expected to be equipped with a 13-megapixel rear-facing camera with LED flash and autofocus, and a 3-megapixel front-facing camera. The 8GB model will likely be on offer for $299, which is the price of the current Nexus 4.

Rumors also indicate that the Nexus 5 will share the stage with the Nexus 7.7 tablet. The upcoming tablet is expected to sport a 7.7-inch WUXGA display with 1920 x 1200 resolution and 294 (ppi). A NVIDIA Tegra 4 CPU and 2GB of RAM may power the tablet. Similar to the Nexus 5, the Nexus 7.7 may also be available in 8/16GB of internal storage options. The tablet is expected to have 720p HD front- and rear-facing cameras. The 8GB version of the 7.7-inch tablet is also expected to have a price tag of $299.

The reports do not indicate if both devices will run on the next-generation Android OS, but it is highly likely that the Nexus 5 and Nexus 7.7 will run Android 5.0 Key Lime Pie.

The specifications and details are just rumors; however, the price of the alleged Nexus 5 is at par with the current Nexus 4.

With the rumor mill hinting at a Nexus 5, we will have to wait and see when, and if, Google launches the next-generation smartphone.