LG is working on a device dubbed as the LG D1L and could see a possible launch in May. According to DDaily it will be powered by 1.5GHz dual-core Qualcomm SnapDragon S4 chip and will have a huge 4.-7-inch display with 1280 x 720 resolution. The device will be the first LG device to ship with Android 4.0 Ice Cream Sandwich and will include LTE connectivity.
Rather than a totally new handset, this smells like simply a version of the flagship LG Optimus 4X HD, but with a Qualcomm chipset for the LTE purposes. LG is working on a phone that it hopes will challenge the Galaxy S III.
Source: DDaily (Korean)