The update is being sent out on a staggered basis, so if Android 5.0 hasn't hit your Nexus 4 yet, don't jump. Just be a little patient, and before you know it, the latest build of Google's open source OS will be powering your phone.
You must have 500MB of free memory in order to install the update, and of course, rooted phones cannot download or install it unless a clean, stock version of Android is flashed. If you do install the update on your Nexus 4, let us know by dropping your comments in the box below.
Thanks for the tip!
source: Reddit via gizmobic