A picture of a new prototype LG smartphone has been leaked by @evleaks and has already ignited debate over what model this could be.

The phone, which is rumoured to have a 5.5 inch display and shows no dedicated hardware home button, could ostensibly be either the new Google Nexus 5 or the Optimus G2.

There is evidence to suggest a case for both sides of the debate.

A new Google Nexus could provide competition for the already announced Samsung Galaxy S4, something which Google had tried with their earlier version of the Nexus. However the Nexus 4 could never firmly challenge the S3, a large part due to its inability of meeting regular demand.

The fact that it was relatively inexpensive ($350 unlocked) meant that there were several takers for the product but its exclusive availability online meant that it was sold out within minutes of Google putting it on their store. One couldn’t simply go and purchase it from a shop, like the way you could with a Samsung S3.

As Google and LG have reportedly renewed their deal to collaborate on the next Nexus product, this could be part of a wider strategy to tackle the dominance of the Samsung Galaxy in the Android smartphone market.

If this phone does turn out to be the Nexus 5, the fact that the LG logo is displayed prominently on the front display represents a significant branding coup for the Korean company as the previous model, the Nexus 4, only had a small LG logo on the back.

This rebranding could mean that LG has taken on a stronger share in the new product and will market it aggressively, both in terms of its price and availability.

However the Nexus 4 has not reached the approximately year-long refresh cycle which has been synonymous with previous timed releases of Google’s smartphone.

Aesthetically the phone is very similar to the LG Optimus G Pro, and with strong rumours of a successor, this could be the touted LG Optimus G2 - At a 5.5” display, it certainly seems likely. Either scenario makes for an enticing new prospect in the hotly-contested smartphone market.