Also, I could see Google doing a Nexus 5, as in 5" because phones are getting bigger and from a 4.7" to a 5" is a big leap.
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Yes, actually I also think there's a chance there could be a 'Nexus 5' phone with a 5.x screen. I've actually already bought the domain nexus5forum.com just in case.
I tend to think however that they'll stick with just the Nexus 4, Nexus 7 and Nexus 10 as their Nexus devices for the foreseeable future and not make a 5 or other size phones. Here's my logic in thinking that...
The Nexus 4, 7 and 10 are really designed to be just 'showcase' devices for Google's operating system software in each of the major format sizes...a phone, a small tablet and a large tablet. I think one phone is enough to show off each new iteration of their OS and there wouldn't be enough difference in the OS's appearance and use between a 4 and 5 inch phone for Google to warrant making a separate device for that in my opinion. I believe the intent of Google making its devices is to have one product to show off its software in each major size format. Again...a phone, a small tablet and a large tablet.
This is why I don't think we'll see an '8.9' inch nexus tablet or a '12' inch nexus tablet' or a 3.5 inch nexus phone or a 5.5 inch nexus phone. I think they'll leave all these other random sizes to other manufacturers to go to town with so they can differentiate their products. Again, I think for the next several years we'll see the Nexus 4, Nexus 7 and Nexus 10 as the 3 supported Nexus devices and we'll get 2nd, 3rd, 4th, and 5th etc...generations of each of these. The only major 'spec' difference in future generations besides obviously new processors...is in the screen resolution. I believe we'll see 1920 x 1080 screens become the norm in both phones and 7 inch tablets within the next year but the 'size' of the devices will remain the same.