What will the next generation Google phone be like? Fast is expected, but will it be able to out-class other handsets? Like a Magic 8 Ball, we’re shaking up the rumour mill to see what it has to say.

Hot off the rumour press is a bunch of interesting ideas about what Google has in store for its next flagship device.

Pushed out by the company responsible for the world’s most used search engine and the Android mobile platform, the “Nexus” branded devices represent everything Google wants pushed for the next iteration of the operating system, and with the success of the current model – the $399 Nexus 4 – we’re hearing that the company wants to step it up a notch.

The Nexus 4 featured a 4.7 inch screen. Expect the Nexus 5 to have a 5 inch one.

Rumours have already started about what the next model will hold, and given the high standard brought with devices like the HTC One, Sony Xperia Z, and of course the Samsung Galaxy S4, it’s likely to be a very interesting handset.

Right now, the suggestions are good that LG will be producing this with a 2.3GHz quad-core processor and new Adreno graphics chip capable of handling 4K images, which will be interesting, because the rear camera is expected to record 4K UHDTV video footage.

Expect a 5 inch screen – probably slightly bigger – with a Full HD picture, while support for 4G LTE will likely be there too.

If all of this is true, we have no idea how Google will keep the sub-$500 price point, or if it will try to. With how well the Nexus 4 sold, it would be nice to see such a high-end handset be helped so easily within reach of most people’s wallets, and would really make the flagship smartphone price wars heat up.

In any case, stay tuned, because the news is that this isn’t coming out until October this year.