UPDATE: GOOGLE WILL NOT LAUNCH ANY NEW HARDWARE AT ITS OCTOBER 24TH MEDIA EVENT.

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Google will host a Google event on October 24, 2013. This media event is speculated to be the platform where the tech giant will launch several new productts, including the highly anticipated Nexus 5 smartphone.

The tech giant finally sent out press invitations to the event, which will take place in New York City at 7 p.m.

Although the invitations did not specifically state which products will be launched, it is speculated that the Nexus 5, Nexus 10 2 and Android 4.4 KitKat will be unveiled at the event.

The press invite reads: "Join us for a night out with Google Play."

The invitation hints that the Google Play store will be overhauled with new design and apps.

It was previously believed that would launch its latest Nexus 5 handset on October 15 but reports state that the event could have possibly been delayed due to the government shutdown.

It was widely believed that Google would be launching the Nexus 5 pre-installed with Android 4.4 KitKat on October 14, a day before October 15, the date which many believed that Apple would be hosting its iPad event. However, the Apple sent out invitations to a media event on October 22, which would be the platform for the Cupertino company to reveal its iPad 5 and iPad Mini 2.

The mid to high-range phone will pack a quad-core Qualcomm Snapdragon 800 processor chip and feature a 5-inch display with 1080 x 1920 resolution using Corning Gorilla Glass 3 technology.

It's 13 megapixel camera will have unique shooting features and there will also be a 2 megapixel front-facing camera. With 2 or 3GB RAM, 2700mAh battery, and the Adreno 330 GPU, it is expected to be a powerful mid-range phone. The device is also rumored to be built by LG.

Google's Nexus 4 was popular due to its mid-range specs and affordable budget price. An unlocked and no-contract version of the phone was only $299. The price of the Nexus 5 is expected to be similar to that of the Nexus 4 - with a possible price increase of 30 perecent.

Google's Nexus 5 is one of the last major phones expected to be released before the end of 2013, and is highly anticipated by consumers all over the world.

The latest Android 4.4 Kitkat will feature an updated revamped user interface, improve battery life of the device, improve optimization of old Android mobile devices, and better performance.