A 16GB Nexus 5 will sell for $299 and a 32GB version for $399, Phone Arena said, citing an anonymous source.
The 16GB edition is expected to be equipped with a 2300mAh battery while the 32GB model will sport a 3000mAh power supply, CNET reported.
Google's predecessor, the non-contract Nexus 4, had been priced at $299 for an 8GB phone and $349 for 16GB, with both being powered by 2100mAh battery.
Many of the Nexus 5's specification were contained in a leaked copy of an alleged Nexus 5 service manual, which has since been removed from many sites following a request from LG, CNET said.
Google's strategy of selling non-contract phones priced well below the full retail price of competing devices from Apple and Samsung has been a sales success, and the prices of the Nexus 5, if accurate, suggest the Mountain View, Calif., company is sticking with it.
Google is expected to announce the Android-powered device later this month.