A report by 9to5Google says that Google will use Qualcomm's Snapdragon 765G processor in its upcoming Pixel 5 phones. The 765G isn't the top-of-the-line processor made by Qualcomm. That honor goes to the Snapdragon 865, which can be found in a number of devices, including the Samsung Galaxy S20 line.
One of the bigger advantages of the Snapdragon 765G is that it contains an integrated 5G modem; the 865 does not. Manufacturers using the 865 may opt to purchase Qualcomm's X55 modem, which has speeds of up to 7 Gbps. The integrated modem in the 765G is the X52. It tops out at 3.7 Gbps. So it's not as fast as the X55, but it's still more than capable.
The 765G is also a lower-cost system-on-a-chip than the 865. This suggests that maybe Google isn't building a phone to rival the S20 or even the Apple iPhone. Maybe the next Pixel will be more budget-friendly.
Google's Pixel A series is very solid considering it uses lower-end parts. Google's secret is its software. The company optimized Android to run on the 3A and 3A XL. Perhaps that software expertise will be enough to make a phone powered by the 765G feel like a premium experience.
Google is expected to release the next Pixel in the second half of this year.