South Korean multinational electronics company LG is currently working with American multinational technology company Google in developing a version of the highly anticipated Nexus 5 (2015) smartphone.

LG previously developed the Nexus 4, which it released on November 13, 2012, and the Nexus 5, which it released on October 31, 2013.

The new Nexus 5 2015 is still now in the works and, according to Android Pit, will "be based on an unreleased prototype," unlike before, when LG co-developed the Nexus 4 based on the hardware of its "LG Optimus G" device.

Geek Snack reported that the new product might be available in August and possibly alongside the search engine giant's latest Android M operating system.

Earlier reports say Google has been working with both LG and Chinese multinational telecommunications company Huawei Technologies on new Nexus devices. The reports said Google has been working with LG on the "LG Bullhead" while it was also working with Huawei on a device called the "Huawei Angler."

In terms of the specs and features, the new Nexus 5 (2015) handset is expected to sport a 5.2-inch display screen with a 1440 x 2560 resolution and will run on the new Android M operating system. Tech Times reports that the new handset will sport a slightly larger 5.3-inch display screen and will come with the Qualcomm Snapdragon 810 processor.

The new Nexus 5 could have 3 GB RAM and might come in two models, one offering 64 GB of internal memory space, and the other, up to 128 GB of memory space, according to Tech Times.

International Business Times said that the device might sport a 13 mega pixel rear camera and a 2 mega pixel front-facing camera. Tech Times reported that it might have a sharper 16 mega pixel camera on the back and a 5 mega pixel camera on the front.

Google Nexus is a line of consumer electronic devices that run the Android operating system. Google manages the design, development, marketing, and support of these devices, but some development and all manufacturing are carried out by partnering with original equipment manufacturers (OEMs). The product family consists mostly of mobile devices: six smartphones and four tablet computers have been released to date.