Following the launch of Google’s Nexus 7, the rumor mill almost immediately began spilling reports about a bigger version of the Jelly Bean tablet, specifically a 10-inch model that’d be known as the Nexus 10. Although that rumor is yet to be substantiated, we’re now hearing reports of an upcoming Nexus 5 device.

The device that will reportedly carry the Nexus torch is none other than the upcoming HTC phablet, that you may know as the One X 5 or the Droid Incredible X.

According to GSM Arena, who received the tip from a “reliable insider”, the Nexus 5 will come with an updated version of Jelly Bean and take Project Butter to a whole new level. Android 4.1.2 will also come with a new lock screen, as well as the usual tweaks and bugs fixes.

As for the rumored specs, the Nexus 5 will be powered by a Snapdragon S4 Pro processor and have a 1080p display. Other features that the device may have include a 12MP rear camera, 2MP front cam, 2,500mAh battery, up to 64GB storage, and LTE – all packed in a slim casing.

Before it was bogged down by a series of missteps, HTC used to be synonymous with premium products at a premium price, especially in places where customers don’t get any subsidy from carriers. But the past year hasn’t been kind on HTC, and we started hearing how the Taiwanese plans to drastically reduce its product pricing in order to rack up better sales.

Combined with Google’s vision for its Nexus lineup – great specs, budget price – the stars seem to align for a Nexus 5 phablet with HTC at the helm.

Is this one rumor you’d like to see coming true? Do you think HTC is ready to give up its Sense?

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