*Update on 20 June: LG and Qualcomm issued a joint statement today that the successor of the Optimus G will be powered by the Snapdragon 800 quad-core processor.
The 4.7-inch Optimus G's days in the market are numbered as LG is planning to launch its successor sometime in Q3 2013.
According to Engadget, Head of Mobile Marketing Won Kim said that consumers can expect the next generation Optimus G to be "something different and something unique". The phone is also expected to come in a screen size closer to 5-inch.
We reviewed the LG Optimus G in February and found it to be the most promising flagship model yet from the company. It has a great display, good design and delivers smooth performance but is plagued by below average battery life.
The successor is likely to compete with the likes of the HTC One, Samsung Galaxy S4 and Sony Xperia Z while leaving the 5.5-inch Optimus G Pro to fend competition from the Huawei Ascend Mate and Samsung Galaxy Note II.