Rumors of the next-generation Nexus 5 have been circling the smartphone space for many months and now a recent report reveals what the handset may cost.

Google has already revealed its next operating system, Android 4.4 KitKat, and a mystery Nexus device was spotted in the Android 4.4 KitKat unveiling video. Many market observers believe it could be the rumored Nexus 5. Moreover, a Nexus 5 was also spotted in the wild running on Android 4.4 KitKat, when a Google employee allegedly left the device unattended at a bar.

Nexus devices are very popular and are well-known for their top-end hardware specifications, which are offered at a very pocket-friendly price. Customers will hope that the upcoming Nexus 5 also bears a competitive price tag just like its predecessors.

"We've just received a tip, which claims to be bringing us the pricing for the LG Nexus 5. We are told that the 16GB LG Nexus 5 will feature a 2300mAh battery and will be priced lock, stock and barrel for $299. The 32GB LG Nexus 5 will be powered by a 3000mAh cell and will be priced at $399," reports Phone Arena.

The predecessor of the Nexus 5 (the Nexus 4) had a price tag of $299 for the 8GB unlocked model, while the 16GB version was priced at $349. However, both the storage versions of the Nexus 4 sported the same 2,100mAh battery.

Usually, smartphone makers offer different storage options for their handsets, but in an interesting  twist, the upcoming Nexus 5 will also have two different battery capacities at different price points.

The Nexus 4 was released in the latter part of 2012 and customers will be keenly waiting for the launch of the next-generation Nexus 5. However, the Nexus 4 was surrounded with supply issues, which left many customers waiting for a long period of time. Smartphone enthusiasts will hope that the Nexus 5 doesn't have the same fate as the Nexus 4 in terms of supply.    

The Nexus 5 is rumored to launch on Oct. 14 so we will have to wait a bit more to get full details of the latest Nexus smartphone.