The Google Nexus 5 is expected to launch as the first smartphone to rock the upcoming Android 4.4 KitKat, and the grand debut will reportedly occur in late October.

The LG-made Nexus 4 enjoyed wild success last year and it's still a very popular smartphone, but all eyes are now on the upcoming Nexus smartphone, dubbed the Nexus 5.

Rumors, leaks and speculations have been rampant in recent months and the latest news now points to October as the timeframe for the Nexus 5 and Android 4.4 KitKat unveiling.

In a recent report, TechRadar claims to have learned from a "source familiar with Google" that the much-rumored Nexus 5 will be unveiled and shipped at the end of this month, in the last week of October. The same report also claims that the upcoming smartphone from Google will sport iPhone 5S-like specs, but without the steep price tag.

"The Nexus 4 upgrade will also be 'half the price' of the iPhone 5 S, which should make the Nexus 5 price land around £275 ($473 AUS, $446 US) and in line with Google's low-price high-performance smartphone policy," explains the publication. "Our source was referring to UK shipping though we fully expect the rest of the world to also be getting it soon after launch."

If TechRadar's source proves to be correct and the upcoming Nexus 5 smartphone will boast similar specs to the newly-launched iPhone 5S, but with half the price, the handset will likely be infinitely more popular than both its predecessor and the new Apple flagship.

It remains unclear, however, what exactly does it mean that the Nexus 5 will "match the iPhone 5S" in terms of specs. It could mean many things: the smartphone may sport the much-hyped fingerprint scanner, it may boast a larger internal storage capacity, it may match the iPhone 5S' processor performance, and so on.

The new iPhone 5S packs a 64-bit A7 processor and Google, as well as Samsung, are expected to follow Apple's lead and get into the 64-bit race with their upcoming devices.

If the Nexus 5 will adopt this new processing standard, Google may choose to cram as much as 4GB of RAM in a bid to provide a desktop-like experience with a real mobile powerhouse. Previous reports, however, have indicated that the next-generation Nexus smartphone will pack the latest Qualcomm Snapdragon 800 processor paired with 3GB of RAM, which would also suffice.

Google has yet to make an official announcement regarding its Nexus 5 and Android 4.4 KitKat launch plans, but the company is expected to make the great unveiling soon enough. If the end-October timeframe proves to be correct, we'll know everything in just a few weeks.