A new rumor says that we will not see a new phone on Google I/O in May. We will only see an updated Nexus 4 with 32GB internal storage and LTE/CDMA networks, running the latest Android Key Lime Pie.
The reason is that the Nexus 4 was just released 6-7 months ago, so there is no reason for Google to already release a new Nexus phone.
I have earlier said that Google will not release the Nexus 5 until October/November this year.
I have also said that I think we will see the Motorola X Phone on Google I/O, a smaller phone around 4.5 to 4.8-inch made together with Google, that will run on Pure Android, so no skin on top. The X Phone could be a mid range phone but with enough specs to satisfy most users.
I have also said that I think we will see the next Nexus 7 (the Nexus 7 2?) on Google I/O, and I still think that is quite possible because it’s time to release a new 7-inch Android tablet.
And last, I’ve said that I don’t think we will see Key Lime Pie this year, Google will stay on the Jelly Bean platform (hopefully), so that developers and manufacturers can keep up with development. When everything is fine-tuned and perfected, then Google can take Android to the next step, by releasing a big android update, the next platform to stay on for a while.
Update: AndroidOS.in has seen the Google Nexus 4 LTE today in Antutu benchmark listings. The phone is running on Android 4.3. That version is expected to be announced at Google I/O 2013 (and not Key Lime Pie). So it looks like this rumor was right that the Nexus 4 LTE will be presented on this year's Google I/O.