A report from Android blog Android and Me, citing a “regular source who has provided accurate information in the past”, has claimed that Google and LG will be revealing Android 4.2 at a co-operative event in November.
The two companies will supposedly also announce a new handset from LG called the LG Optimus G Nexus, which will be based around the specifications of the recently announced Optimus G. No real detail has been revealed about hardware changes, if any, but the updated OS is supposedly a minor upgrade from Jelly Bean. Better power management and an improved Play Store, along with a few changes to the homescreens. Android 4.2 will apparently lay some groundwork for Android 5.0.
As of right now this is all just rumour but we’ll update with more details they become known.