In the past couple of months, there have been many rumours regarding this update. In fact, there have been some Google Nexus 4 devices in Brazil and Malaysia that have even been spotted running Android 4.2.2.
According to iDigitalTimes, this is likely to be a minor update that will iron out the bugs and offer performance enhancements to the Android Jelly Bean users. However, it is expected that this update will help in addressing the Bluetooth streaming issue with the Nexus 7 devices.
Google had unveiled Android OS, v4.2 in October 2012 and it added features like Photo Sphere, gesture typing and multiple user support amongst others. The company had rolled out an update in the form of Android 4.2.1 in November. It is noteworthy, that only 1.2 percent of devices run Android 4.2 (Jelly Bean) at the moment, and hence only a small minority of users would benefit from this update.
The rumour mill is abuzz that Google will be launching a major update in the form of Android 5.0 between March and June 2013. There are also speculations doing the rounds that this update may be called 'Key Lime Pie' and may be announced at the Google's I/O developer conference that is slated for May.
Though Google on its part might well be on track to launch the Key Lime Pie, but according to data revealed by the search giant itself, 45.6 percent of the devices still continue to run on Android 2.3 (Ginger Bread).