Will Google update the Nexus 4 at I/O?

I am considering buying a Nexus 4, but with I/O around the corner, I am tempted to wait a few weeks before acting upon it. I assume it is very unlikely that Google will present a new phone (although a new Nexus 7 is probable), however I was wondering whether they might update the current Nexus 4 as Apple has sometimes done with its products, with a faster processor or maybe an improved camera...

Has anyone read any rumor pointing towards this, or am I just being overly cautious?