Jinny Lee, a Seoul-based spokeswoman for LG, and Shari Yoder Doherty, a spokeswoman for Google, declined to comment.
LG's Optimus G, which went on sale in South Korea last month, has a 4.7-inch screen and runs on a processor made by Qualcomm Inc. for fourth-generation Long Term Evolution, or LTE, networks offering faster Internet connections.
Technology blogs, including BGR, have posted what they say are leaked photos of the new Nexus phone with LG's logo.
LG's mobile-phone division had an operating loss of $50 million in the second quarter. LG was No. 5 in global handset sales that quarter, and Samsung was No. 1, according to Gartner Inc.