By Keerthi Chandrashekar / Keerthi@latinospost.com (staff@latinospost.com) | First Posted: Jul 19, 2013 04:38 PM EDT

Much of the media's attention is currently focused on the Google's and Motorola's upcoming Moto X phone, but there's another Google-branded device that will hit stores later this year: the Nexus 5. Let's round up what we know about the handset so far.

According to a Korean report, the Nexus 5 will be built by LG once again, and will be based off LG's upcoming G2 flagship smartphone. If everything goes according to plan, the Nexus 5 should release around October in the United States, just in time for the busy holiday shopping season.

Specs-wise, the Nexus 5 looks like it will be a beast. The Nexus 5 will allegedly sport a 5.2-inch 1080p display, a 2.3GHz quad-core Qualcomm Snapdragon 800 processor (the same beast that's said to power the Samsung Galaxy Note 3), either 2GB or 3GB of RAM, a 13-megapixel rear-facing camera, and a 2,700mAh removable battery. Camera giant Nikon is rumored to have contributed to the camera. 

If that doesn't sound like your typical Google Nexus device, which usually focuses on keeping the price low rather than opting for absolute top-of-the-line specs, that's because it isn't. As mentioned before, the Nexus 5 is said to be based off the LG G2, and if these specs are indeed the Nexus 5's specs, it could spell trouble for budget-minded consumers.

The Nexus 4, with its fairly mid-range hardware, retailed at around $300 for the unlocked version. A phone with the Nexus 5 specs listed above could easily cost above the $500 mark, making this a handset suited for an entirely different audience. If Google does go with this set up, it might be because it plans on leveraging the weaker Moto X (remember, Google owns Motorola Mobility) as its mid-range option, and offer high-end Android junkies a phone worthy of their attention. Still, loyal Nexus fans who have prided themselves on groundbreaking software over hardware will find themselves left in Google's wake. 

What do you think of the Nexus 5 described above? Is it a phone you would pick up? Let us know why in the comments section below.