The Nexus 5 release date is imminent as Google slashes the price of the Nexus 4 for over 25 percent off in seven countries.

The 8GB Nexus 4 is available for just $199 on the Google Play store , while the 16GB version is available for $249. It is available for £159 (8GB) and £199 (16GB) in UK.

Google tweeted the details of the price cut today. "'We've lowered the price of #Nexus4. Get it for 25% off or more in Australia, Canada, Germany, Spain, Korea, US, UK."

Google seems to be clearing its inventory of all Nexus 4 devices prior to the Nexus 5 launch, which is rumored to be around October.

It has been almost a year since the Nexus 4 launched.

It is not clear whether LG or Motorola will manufacture the upcoming handset.

A leaked photo of what looked to be the Nexus 5 was making its round on the internet last week, with Tech Tastic claiming that it was the Nexus 5. However, those rumors were dispelled when Twitter user @evleaks said the device is in fact the LG Optimus L9 II, smartphone that is yet to be released. The user also tweeted that the Nexus 5 "looks to be a Motorola handset," with Android and Me's Taylor Wimberly also predicting that Motorola will be manufacturing the Nexus 5.

The successful Nexus 4 comes with Qualcomm Snapdragon S4 Pro processor, 4.7 inch display with Corning Gorilla glass 2, 8MP back camera, and runs on Android 4.2 Jelly Bean. It has beautiful front and back glass panels.

The Nexus 5 is expected to rumored to pack a bigger 5.2 inch display, Qualcomm Snapdragon 800 processor, and feature the same glass design with thinner bezels.