Leaked specs indicate that the next Nexus phone will be a slight upgrade to the original Galaxy Nexus.
SamMobile has supposedly acquired leak specifications for the next Nexus smartphone from Samsung codenamed "Superior." Also labeled as the GT-I9260, it will feature a dual-core ARM A9-based SoC clocked at 1.5 GHZ, 16 GB of internal storage, a microSD card slot for extra storage, an 8MP rear-facing camera with flash, a 1.9MP front-facing camera with HD video recording, and a 4.65-inch HD Super AMOLED screen.
The specs seemingly place the unannounced smartphone between the Galaxy Nexus (GT-I9250) and the Galaxy S III (GT-I9300). The older, former phone sports a 4.65-inch HD Super AMOLED screen, a 1.2 GHz dual-core ARM A9-based SoC, a 5MP rear-facing camera, a 1.3MP front-facing camera, and 16 GB of internal storage. The Galaxy Nexus does not offer a microSD card slot, but does offer a $349 USD pricetag (for the HSPA+ model) on Google Play.
As for the Galaxy S III, this phone features a 4.8-inch HD Super AMOLED screen, a 1.4 GHz quad-core A9-based SoC (Exynos), an 8MP rear-facing camera, a 1.9MP front-facing camera, internal storage capacities of 16, 32, and 64 GB, and a microSD card slot. The pricetag is $599 USD, or around $199.99 USD subsidized.
That said, the new unannounced Nexus phone seems to be an upgrade to the original Nexus, offering a faster dual-core SoC, better cameras, and a microSD card slot. The GT-I9260 will also likely be cheaper than the Galaxy S III, thus Samsung probably stuck with a dual-core SoC because it costs less than a quad-core SoC.
So far there's no indication as to when this phone will arrive, or how much it will cost, so stay tuned.