Google's Nexus 5 already offers arguably the best bang for your buck but even still, $350 for a new smartphone is a lot of money for some. To that end, the search giant is reportedly preparing a mid-range device that would sell for under $100 - about as cheap a handset as you're going to find that isn't total crap.

According to a report from Chinese publication MTKSJ via Digital Trends, the budget-minded Nexus 5 will be powered by a MediaTek processor instead of something from Qualcomm. It's a trend that we're seeing more of lately here in the US with some even claiming the LG G3 will ship with a MediaTek SoC instead of an in-house solution.

Aside from that info, however, now much else is known about the device including which manufacturer would actually build it. As you know, Google worked with LG on the Nexus 4 and the Nexus 5 so it wouldn't be a stretch to see the two partner up once more.

In related Nexus news, Google is also rumored to be working on an 8.9-inch Nexus tablet. The slate would feature a 2K+ resolution display to go along with the rest of the high-end hardware. Unlike the mid-range Nexus device, the tablet would come with an equally high-end price tag.

And of course, a Nexus 6 is also in the pipeline which is said to be an understated version of the LG G3.