The Nexus refers to Google's previous smartphones, the Nexus One and the Nexus S, but the device will likely run the tablet-optimized operating system Android 3.0 (Honeycomb), Boy Genius Report said. While details are scarce, because there's been no confirmation, the tablet is supposed to be ready by mid-summer or early autumn.
The "clean version" of Android means that the tablet would have no extra layer of software to interfere with the functioning of the Android platform. Little else is known about the hardware other than LG will be manufacturing the machines, according to Business Insider. Although Google's smartphones haven't been big sellers -- unlike Google's Nexus smartphones, the tablet wouldn't need carrier support.
However, as BGR says, the phone may just be a prototype used internally by Google. If so, few people will ever see the device.