Google is reportedly busy working on the final touches of its next major Android version, prepping several new products to go along with it.

The search giant wrapped up its Google I/O 2013 without announcing any plans for its popular Android platform, but the rumor mill has been busy churning nonetheless. Among various whispers of a new Jelly Bean cycle coming as Android 4.3, a new report goes all the way to the much-rumored Android 5.0.

According to the Wall Street Journal (WSJ), the next major iteration of Android is known as the "K release" internally, which indicates it may be the long-rumored Key Lime Pie. The publication further notes the "K release" will arrive "this fall" and is "better tailored to the lower-cost smartphones."

Mid-range smartphones typically don't have access to the latest OS versions because their specs would not support more advanced versions. If the next version of Android manages to address those limitations, it would bridge a big gap and bring great news to those who cannot afford high-end devices. With rumors of both an Android 4.3 and an Android 5.0 version, it remains unclear whether they are one and the same thing or whether Google will release the new Jelly Bean cycle first and the major upgrade later on.

The WSJ further quotes people familiar with the matter saying that the search giant is also working on "developing low-cost Android smartphones of its own." It's tough to tell at this point just what that means exactly, but Google's Motorola unit and Samsung, the world's greatest Android vendor, may not be involved in this effort.

In other news coming from the same WSJ report, Google is also reportedly developing its own Android-based gaming console, as well as a smartwatch, and one of these products may launch as soon as this fall. The console might be a new version of Google's Nexus Q unveiled last year, which never actually made it to consumers. All these new Android products may make their debut before the end of the year.

Keep in mind, however, that Google has yet to make any announcement, so take things with a grain of salt until the search giant decides to make it official.