Google's Nexus 5 smartphone and Android 4.4 KitKat will finally launch today, according to multiple reports.

Artem Russakovskii of Android Police announced the impending launch on his Google Plus page: "Several previously reliable sources have confirmed that the Nexus 5 (I have no information about KitKat, sorry, just sticking to N5) launch is indeed scheduled for tomorrow, October 31st. The release should happen no later than 11am Pacific, but knowing Google, it's probably going to be between 8-8:30 and 10am. 11am is the worst case scenario."

Russakovskii estimates that the launch event will be held any time between 8am to 10am PT/ 11am to 1pm ET/3pm to 5pm GMT. However, some reports are stating that it will be some time around 11am PT.

If Google is indeed holding a Nexus 5 announcement event later on today, a live stream broadcast will likely be available on YouTube. Stay tuned for the link.

Several dud release dates for the highly anticipated Nexus 5 have come and gone in the past month. We will have to see whether today's purported event will finally release the next-generation smartphone.

On Oct. 29, Google held A Morning with Google+ live stream broadcast, in which the Google+ team shared updates on its apps developments.

Google's LG-manufactured Nexus 5 is long overdue and Google has remained mysterious without revealing any official announcements.

Other rumors pointed to a Nov. 1 release date, with Twitter user @evleaks who tweeted a photo of what looks to be a white Nexus 5 handset with the caption "In White. 11/1." So this date may indeed be the launch date of the Nexus 5 instead of today.

The popular budget phone is expected to launch with the all new Android 4.4 KitKat mobile operating system and pack powerful specs, which includes a 5inch 1080x1920p display, quad-core 2.3 GHz Snapdragon 800 chipset, 2GB RAM, 8MP camera, 2300mAh battery, as well as LTE connectivity. It will be available in either the 16GB or 32GB model.

Snapshots of the device have 'accidentally' been released for the 16GB device on its Play Store, which gave it a $349 price tag.

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.

Along with boosted performance, the latest Android 4.4 Kitkat will feature an updated revamped user interface, better battery life, and improved optimization of old Android mobile devices.