Google and LG are reportedly preparing to launch a Nexus smartphone modeled on the Optimus G.

Like the Optimus G, the still-to-be-named new Nexus handset will be one of the first quad-core smartphones on the U.S. market when it launches, reports say.

And LG may not be the only electronics manufacturer to unveil a Nexus phone, reports CNET, which says that several phone makers will get a turn at making a Nexus device. Consider this: Samsung manufactured the Nexus S and Galaxy Nexus, Asus made the Nexus 7 tablet and HTC built the original Nexus One.

While other phones have shipped with quad-core processors this year, they've all used Nvidia's Tegra 3 chip, which lacked an integrated modem for 4G LTE. That made it a non-starter for U.S. carriers, who instead opted for dual-core processors in phones such as the Samsung Galaxy S III, HTC One X and HTC Evo 4G LTE.

While the new LG Nexus phone will be based on the Optimus G, it will look different and be modified to fit into the Nexus program , which mandates that it ships with a stock version of Android, has the hardware power to run all "Nexus Games," and supports Google Wallet, meaning it’s capable of near field communications (NFC).

LG's Optimus G uses a 1.5 GHz Qualcomm Snapdragon S4 Pro, a quad-core processor with LTE support. The chip promises more responsive photo capture, faster loading of large files and speedier Web browsing. It also features a powerful Adreno 320 GPU for high-end gaming, and supports 5.1 surround-sound playback.

According to Modaco, LG’s new Nexus phone will run Android 4.2 and offer wireless charging, 2 GB of RAM, a 1,280x768 True-HD IPS display, an 8-megapixel camera, and, unfortunately, a battery that can’t be removed. It also won’t have a microSD slot and will only come with 8GB to 16GB of internal storage.

If the rumored LG Nexus phone becomes a reality, it will be the first time the South Korean company participates in Google’s Nexus program.