Some recently circulating rumors suggest that the Google Nexus 5 with Android 4.4 KitKat is expected to be released on October 14th. There have been rumors since back in June, that Google was aiming to release their 'K' flavored updated in October, and a device which is believed to be the Nexus 5 has been spotted at the FCC recently.None of these rumors have been confirmed at this point, so there is no way of knowing if these rumors will become a reality or not.
Google says Android 4.4 will be an "amazing Android experience available for everybody." Previous rumors have suggested that may mean better compatibility with older devices, and possible optimizations for laptops. The newest rumors suggest that the update will also offer changes to the Fragments system (responsive design), a new accent color scheme, Miracast updates, new Gallery visualizations, animation APIs, and a notification widget.
All of these sound like reasonable features, although none of them sound like updates big enough to warrant a full dessert jump from Jelly Bean to KitKat, even though the actual version number is an incremental move from Android 4.3 to 4.4 instead of 5.0. All we can do is wait and see.
source - Ausdroid | Android Community