It looks like Google is continuing the Nexus lineage with what might be called the Nexus 4G, and according to rumors it will be a beast of a phone. The device will be the first to feature Android 4.0, also assumed to be called Ice Cream Sandwich. Additionally, it will have a 1.2-1.5GHz processor, which might make the Nexus 4G a powerful device assuming Android 4.0 isn’t a system resources hog. However, BGR reports that it might not be NVIDIA’s Kal-El processor, and instead might be a TI OMAP 4460.

If you think that’s something, the Nexus 4G is also said to have 4G LTE capabilities, which can only mean that it’s going to hit AT&T or Verizon when it’s finally released. I’d assume it’d be for the latter, especially since AT&T will be launching its LTE network starting this summer, and the new Nexus device is slated to be released in November – just in time for the holidays.

Additionally, the Samsung Nexus 4G might have 1080p video recording and playback, a 1MP front-facing camera and a 5MP rear camera. However, it sounds like the 5MP rear camera will be more along the lines of the one found on the iPhone, with larger pixels and greater low-light performance.

It almost sounds too good to be true, but then again, if I went back in time two years and told you that smartphones would have 8MP cameras, 1.2GHz dual core processors and day-long battery life with 4G capabilities, you’d probably laugh at me. So here’s to hoping.