The Nexus 5 (codenamed Hammerhead), is a smartphone co-developed by Google and LG Electronics that runs the Android operating system. The second generation Nexus 5 2015 is said to be a flagship smartphone and is rumored to hit the shelves later this year.

According to Androidpit, South Korean firm LG is currently developing the Nexus 5 2015 but there were reports that Chinese telecommunication giant Huawei is also working on a new Nexus smartphone.

The report cited a source in Google who confirmed that the 2015 Nexus is ''under consideration'' at LG. It was speculated that the Nexus 5 2015 will be one of the smartphones to be unveiled during the Google I/O 2015 conference on May 28 and 29 in San Francisco, California.

Over the past two years, the Nexus 5 has been of the most popular smartphones in the market because of its low price. The Nexus 5 came at only $350 for 16GB and $400 for 32GB However, its successor, the Nexus 6, did not fared well in the market maybe because of its high price ($649 per unit) and its size having a 6-inch screen. Older Nexus users found the Nexus 6 seemed a bit clunky.

Loyal fans of Nexus expect the Nexus 5 2015 to be priced the same as its original at $350 per unit.

Androidpit added that Huawei is rumored to be developing a much larger Nexus 6-like phablet. There are still no available data on this plan and there is no information as to the device's specification, as well as the software it would run to. It remains unclear if Huawei will stick with its Kirin technology or use a Qualcomm Snapdragon processor. 

In a separate report, Cross Map speculated that Google will be offering two Nexus phone this year. It said that Huawei is developing a new Nexus 5 (2015) that targets the mass market as it will be more affordable. LG will unveil a new Nexus 5 (2015) for the mid-range market, the report said.

Developing the new Nexus 5 (2015) will be a big leap for Huawei as this will be their first Nexus smartphone and open doors for the Chinese telecoms to enter the lucrative North American smartphone market.

LG's version of the Nexus 5 (2015) will feature a 5.2-inch display inch JDI OLED 1920 x 1080 pixel display with 424 ppi and Gorilla Glass 4 and powered by 64-bit Qaulcomm Snapdragon 820 processor with 8 cores chipset. The device will have a 64GB internal memory. The cheaper Huawei version will sport a 5.7-inch display. Its processor will either be Qualcomm Snapdragon 810 or Kirin's chipset.

Other specifications of the Nexus 5 2015 circulating the rumor mill is a massive 6,000mAh battery, along with 4GB of LPDDR4 RAM, 64GB of native storage, a 13MP primary camera, and an 8MP back shooter for taking selfies.