This is the same price point at which the 16GB Nexus 4 launched in 2012. An 8GB Nexus 4 model was also available from Google for $299 at launch.
Korean electronics manufacturer LG is rumoured to be the smartphone maker approached to build the device.
Despite the slew of “leaks” surrounding the Nexus 5, Google has yet to make an official announcement.
Google’s new smartphone is set to run the latest version of of its mobile operating system, Android 4.4 “KitKat”, which has been officially confirmed but not yet launched.
The latest rumours based on posts to social media by KitKat and Google hint at a 28 October 2013 launch.