Motorola DROID RAZR M. The device will run Android 5.0, Key Lime Pie, and will be the first Motorola handset that lets the world know that the company is owned by Google. The model will be available on multiple carriers, so it won't be a Nexus model. The UI will feature some Motorola add-ons. To reiterate, this will not be a Verizon exclusive and appears to be Motorola and Google trying to compete with the Samsung Galaxy S III and the Samsung GALAXY Note II.
Google doesn't usually introduce non-Nexus devices at Google I/O, so some traditions might be broken here. And remember, this is purely speculation at the moment. Still, it gives Motorola, Android, and Google fans-heck, fans of smartphones in general-something to think about over the next four months.
source: DroidForums.net, TalkAndroid via Pocketlint