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Nexus 4 phone with Android 4.2 confirmed by Google, LG

This marks the first Nexus device by LG, which has long struggled to make a dent in the smartphone market.

The Nexus 4 from LG.

Google and LG confirmed today the long leaked Nexus 4 smartphone, which will run on Android 4.2.

The Nexus 4 marks the first Nexus device built by LG, with Google looking to expand its partnerships and keep some of its partners thriving in the brutally competitive smartphone business.

"This is the first time we collaborated with LG to build a Nexus device," Andy Rubin, who runs Android at Google, said in a statement. "They brought an extraordinary amount of talent to the project, and the result is a feature-packed device that feels great in your hand and blazingly fast under the hood."

"LG is proud and excited to play this role in helping build the latest Nexus smartphone," said Jong-Seok Park, CEO of LG Electronics's mobile arm.

The Nexus 4, as previously reported by CNET, is an altered version of LG's flagship Optimus G smartphone. The phone is one of the first with Qualcomm's quad-core Snapdragon processor, and features a 3G connection using GSM and HSPA+ technology. Unfortunately, a 4G LTE model isn't yet available.

The 8GB and 16GB unlocked versions of the smartphone go on sale for $299 and $349, respectively, in the Google Play store on November 13 in the U.S., U.K., Canada, Germany, France, Spain, and Australia. Offline availability in Europe, Central/South Americas, Asia, and the Middle East will begin at the end of November.

In the U.S., T-Mobile will sell the 16GB version of the Nexus 4 for $199 with a two-year contract on November 14.

LG has long struggled to really stake a position in the smartphone business, particularly in the U.S., where it is overshadowed by its Korean rival Samsung Electronics. The company has tried to turn its Optimus brand into the kind of household name that Samsung's Galaxy S has become, but with no where near the same success.

LG and Android are as close as ever. Roger Cheng/CNET

The Nexus 4 is just one of the latest devices to run on Android 4.2, which will still be called Jelly Bean like Android 4.1. Google also unveiled an upgraded version of the Nexus 7 tablet, as well as a high-end, high-resolution Nexus 10 tablet from Samsung.

Google was slated to unveil the products at an event in New York today, but it was canceled due to Hurricane Sandy.

The Nexus 4 also comes with 2 gigabytes of RAM and features a true high-definition 4.7-inch IPS Plus display, a 8-megapixel rear camera, a 1.3MP front-facing camera, an NFC connection for Google Wallet payments, and wireless charging capabilities.