The Nexus 4 was announced by Google in October 2012 and first went on sale in November 2012. Google dropped the price of the Nexus 4 by $100 several weeks ago to clear its virtual store shelves. The device has been around for nearly a year, and the likelihood that Google will restock it is pretty much zero. With the Nexus 4 sold out, Google no longer has a Nexus smartphone available for interested buyers. The Nexus 7 and Nexus 10 tablets, however, are still available.
Google's Nexus devices are designed to show off the Android operating system. They are among the very few pieces of hardware that run an unaltered version of Android, often referred to as "stock" or "pure" Android. The operating system on Nexus devices is not redesigned or skinned by the manufacturer (in this case, LG) or by the wireless network operator. Nexus devices also serve as test beds for Android developers, generally for a year, and they showcase some of the best available technology in the hardware itself.
[ Google sweetens the deal on its LTE Nexus 7 tablet. Read Google Intros LTE Nexus 7 With Free Data. ]
Google is widely expected to debut both a new version of Android and a new Nexus handset in the coming weeks. Having already announced that the next version of its smartphone and tablet operating system will be called Android 4.4 KitKat, Google added a KitKat Android statue to its front lawn recently, where a host of other dessert-themed Androids, each representing a different build of Android, already stand. The company didn't specify what new features will be added to Android 4.4 KitKat and little is known about the upcoming changes.
We know a bit more about the Nexus 5 handset, but not much. The device will be based on the LG G2, which is a spec monster. Last year's Nexus 4 was based on the LG Optimus G. Just as the G2 is the successor to the Optimus G, the Nexus 5 will be the successor to the Nexus 4. The G2 has an incredible 5.2-inch full HD screen, quad-core Snapdragon 800 processor, 13-megapixel camera, and support for LTE bands worldwide. Though these details aren't yet confirmed for the Nexus 5, they offer a good preview of the Nexus 5's possible features.
Further, an LG device resembling the leaked Nexus 5 was recently approved by the Federal Communications Commission. The FCC approvals often precede phone availability by several weeks or more. Google hasn't yet revealed plans to announce Android 4.4 KitKat or the Nexus 5, but it will shortly.