While most people expect a Nexus 5 to make its debut soon, new speculation suggests that Google may launch a 32GB LTE Nexus 4 instead.

The Google I/O conference is one month away, and the rumored highlights include Android 5.0 Key Lime Pie and a brand new Nexus 5 handset, but a new rumor points to a new variant of the popular Nexus 4 smartphone.

The annual Google I/O developers conference will take place next month in San Francisco, where the search giant is widely expected to unveil a number of amazing things, including a Nexus 5 and potentially a new Nexus 7 along Android 5.0 Key Lime Pie. According to the new rumor, however, instead of a Nexus 5 Google and LG are reportedly preparing a new version of the Nexus 4, that will pack 32GB of storage along with LTE and CDMA support.

The popular Nexus 4 was very well-received and one of the few criticized aspects was storage. Google and LG covered most areas spec wise, but many wished the Nexus 4 has more available storage or a micro SD slot for expandable memory. Releasing a 32GB LTE Nexus 4 may address the drawbacks of the original handset.

The news comes from SidTech, which claims the 32GB LTE Nexus 4 could arrive this summer, potentially rocking the latest Android Key Lime Pie software. The CDMA support would cater to the needs of Sprint and Verizon users in the U.S., while the additional storage and LTE support would address the other complaints.

Considering that the current Nexus 4 models do not allow any further storage expansion, doubling the storage size to 32GB would undoubtedly make a nice change. Such a move would also motivate releasing a revamped version of the handset. Despite wide speculation and expectations, the Nexus 4 only launched in November of last year, so having a completely new model such as the rumored Nexus 5 debut next month might be a bit too soon.

On the other hand, anything's possible and nothing is certain until next month, when the Google I/O conference kicks off and shows its goodies.