[Rumor]Nexus 5 smartphone and Nexus 7.7 tablet to be announced at Google I/O?

Leaks this morning indicate LG and Google will announce a Nexus 5 smartphone and an upgraded Nexus 7.7 tablet at Google I/O in May.

The Nexus 5 is pegged to have a 5" 1080p screen, a Tegra 4 processor, 2GB of RAM, a 3MP front and 13MP rear camera, and 8GB or 16GB of memory.  How much will this set you back you might ask?  The leak indicates the price will continue to start at a mere $299 just like the Nexus 4.

The Nexus 7.7 is said to have a 1920 x 1200 HD screen (294ppi), a Tegra 4 processor, 2GB of RAM, and at least 8GB of memory.  Again, price is rumored to start at the same $199 price point as the current Nexus 7.

The leaks sound plausible and may help explain some of the comments made by LG Senior Vice President James Fisher last week.  If you recall, Fisher said "Through our collaboration with Google, we launched the LG Nexus 4 smartphone. This is the first of many devices to come from our growing partnership with this very selective company."  Considering LG can't even keep the Nexus 4 in stock, it seemed odd to already be talking about future products, but hopefully Fisher was referring to the Nexus 5 and 7.7.

Google is also rumored to announce Android 5.0 (Key Lime Pie) at Google I/O.  Who knows, maybe we'll get an upgraded Nexus 10 with the Exynos 5 octa-core inside too?  All I know for sure is May suddenly can't get here fast enough!