The New Year might be putting an end to the eager wait of many of the Google fans out there who have been waiting for the company to launch its much anticipated new phone. Speculations are the company would be unveiling the new product, the HTC-designed Nexus One, over next week.

A press event has been scheduled by Google for Tuesday, January 05, at its Mountain View, California, headquarters, and although the company has not made any mentions of the Nexus One, the invitation does mention Android, which is Google's mobile OS for phones, and the firm is widely expected to showcase the device that has managed to create much buzz in the smartphone world.

The event, which is invitation, only, will be held a mere two days before the Consumer Electronics Show in Las Vegas.

Google, on its end, has shared no comments about the Nexus One, but speculations and rumors have been going around for quite some time now. If these are true and the company is indeed coming out with its own device, many smartphone makers who have been heavily relying on the Android system will be much hurt.

All eyes and ears are now on next week's press conference which is bound to give some answers.