Google unveiled its Android KitKat statue on Tuesday and shared a video of the event on YouTube and tech pundits noticed Google employees in the video taking photos with an unkown phone, the International Business Times reports, leaving many wondering if the Nexus 5 has already been released.

The black device with Nexus branding on the back appears larger than the Nexus 4 smartphone and smaller than the Nexus 7 tablet, and has a particularly large camera sensor and visible LG branding, the International Business Times also reports.

If LG and Google are in fact working together on the Nexus 5, it is believed that the Nexus 5 could feature a similar pricing scale as the current Nexus 4 smartphone, which retails for $299 (8GB) and $349 (16GB), TheFullSignal.com reports.

Apparently sources familiar with the matter have noted that the Nexus 5 will take a page or two from LG's recently launched G2 smartphone - it is believed to feature the same 5.2-inch 1080p display, along with 2GB of RAM, TheFullSignal.com also reports.

Apparently sources familiar with the matter have noted that the Nexus 5 will take a page or two from LG's recently launched G2 smartphone. It is believed to feature the same 5.2-inch 1080p display, along with 2GB of RAM.

The Vice President of LG Europe recently stated that the Nexus 4 was a "great success" and mentioned that "they'd do it again," leaving MyDrivers.com to believe LG and Google will collaborate on the Nexus 5 and make it similar to its predecessor.

That would mean $299 for a smartphone off-contract, a model that's seen significant sales, even with a Qualcomm Snapdragon S4 Pro (one of 2012′s highest-powered SoCs), SlashGear reports.