The upcoming edition of the Nexus smartphone, dubbed “Nexus 5,” will arrive in early October, running the next major version of Google’s (NASDAQ:GOOG) Android mobile operating system, Android 5.0, which is also rumored to be called “Key Lime Pie,” a new report said.

The Nexus 5, the successor to the current Nexus 4 smartphone, will be manufactured by LG (NYSE:LG), based on the hardware specifications of the LG G2, the follow-up to the Optimus G, Android Authority reported on Wednesday, citing Korean technology website Daum.

The rumor of LG working on the next version of the Nexus makes sense, given the fact that the company developed the Nexus 4. If the Nexus 5 is indeed influenced by the LG G2, the new handset may feature a Snapdragon 800 chip clocked at 2.3GHz, a 13-megapixel camera, a 5.2-inch full HD display, a 2,700 mAh battery, 2 or 3GB of RAM and LTE-A network support.

In June, The Wall Street Journal reported that Google was working on a major Android update that would be released to the public in the fall. Although the report did not specifically name the next version of Android, it said that the update is “known internally as ‘K release’,” suggesting it was all about the Key Lime Pie.

“With the Moto X expected to launch in August, we were hoping Google would use its release to roll out the long-rumored Android 5.0,” a TechnoBuffalo report said. “However, if a new Nexus smartphone is really in the works it would make sense for Google to follow its own precedent and release the new operating system a bit later.”

According to rumors, the Android 5.0 Key Lime Pie will be optimized to run on devices with as little as 512MB of RAM. The new Android version is also expected to include an improved integrated browser or a mobile version of Google's own Chrome with constant onscreen tabs.