For the last couple of months, we have seen most of the upcoming Google Nexus 5 smartphone which will run on pure Android, and will boast similar specifications to LG's G2 phablet. However, rumors regarding Nexus 5 price have not yet surfaced..until now. 

BGR reported that according to an unnamed source of PhoneArena, the 16GB variant of Nexus 5 will arrive for as low as $299 off contract. That means consumers can get one of the most powerful Android phones in the market with an 'on-contract' pricing. The 16GB version will feature an already capable 2,300mAh battery. 

Just in case 16GB of storage and a 2,300mAh battery would not be enough, you just add $100 and you get the 32GB edition and 3,000mAh of battery for heavy usage. 

As for other specifications, Google's hero phone will boast a Snapdragon 800 chipset, an 8MP primary camera with OIS, and 2GB of RAM. 

Of course, we should all take this rumor with a pinch of salt, but in case the tip is accurate, top Android phones such as Samsung's Galaxy line, Sony's Xperia lineup, HTC's One family, and LG's superphones would definitely have a tough matchup. 

Above all, the Nexus 5 will allegedly be released running on Android 4.4 Kit Kat later this month.