The Nexus 5 will reportedly be based on the upcoming LG G2 and make its debut in early October, rocking Android 5.0 Key Lime Pie.

While there was some speculation regarding who will make the next-generation Nexus devices for Google, it seems the same partners will handle the job. The Nexus 4 smartphone was LG's work, while ASUS made the Nexus tablet, and all signs point to the same partners for the new line.

According to a new report from Korean tech site Ruliweb Daum (via RBMen), the next-generation Nexus smartphone, dubbed "Nexus 5," is currently in the works and is based on the hardware platform of the upcoming LG Optimus G2.

Daum specifies that Android Key Lime Pie will run the show and confirms the Nexus 5 moniker for Google and LG's next smartphone. In the same report, the Korean publication reveals some more details about the LG G2.

LG already made it official that its successor to the Optimus G will pack the new Snapdragon 800 processor, and that's the only thing that's confirmed for now. Daum further notes that the LG G2 will sport either 2GB or 3GB of RAM, claiming that the decision is not yet final.

Other alleged specs include a 5-inch Full HD (1080p) IPS display, 13-megapixel camera with OIS, a 2,700 mAh battery and LTE-Advanced support. The G2 would allegedly launch with Android 4.2.2, which would be a bit intriguing considering that Android 4.3 is reportedly on its way. The next Nexus, however, would jump to the next version, Key Lime Pie.

With these specs in mind, the report claims that LG is developing the G2 and the Nexus 5 in parallel and the two handsets will share hardware specifications. This idea is not too farfetched, as last year the LG Optimus G and the Nexus 4 shared the same specs. The companies may follow the same scheme this year with the new generation.

While the report seems plausible, however, keep in mind that it is just another rumor. Every big launch involving highly-anticipated devices is always preceded by a firestorm of leaks, rumors and speculation, but they can be hit-and-miss. Treat rumors accordingly until Google or LG decide to make things official.