There have been rumours that the Nexus range would be coming to an end, and there have been rumours that there will be a Nexus 6 this summer at some point. But perhaps we'll see one sooner than that, if this image is of a new phone.
The promotional tweet that was designed to promote a new feature in Google Now - the ability to see recipe checklists while shopping - revealed a new-looking phone. Of course, it's not unusual to see a phone that's a rendered mock-up in adverts, but when Google has handsets like the Nexus 5 it seems surprising.
What's interesting about the phone shown is that it's not any model currently on the market. It seems to have a large screen, and virtually no edge bezel at all. Obviously, the screen is simulated, so there's no way to see real details about what sort of panel it might be, or if it's a quad-HD screen.
If there is to be a new Nexus handset this year, then there's a vague chance it could be based upon the LG G3. LG has been the company behind the previous two nexus phones, so it has an arguably better chance of knowing how to pitch a new handset to Google. If that's the case, we'd expect a spec similar to the LG G3, but sold for a lower price with perhaps some features missing. Google, for example, despises microSD and has no time for removable batteries, so it's very possible those two things would be stripped out.
And, it goes without saying that Google I/O is at the end of the month too, so if there was a new handset coming, that could be the time it's announced. That said, Google hasn't announced hardware at I/O for a while, as it is a developer conference, not a press-focused launch event.